If you own a home and occupy it as your primary residence, you may be entitled to a homestead exemption, which saves you money on your property taxes each year. The homestead exemption is typically filed each year you qualify. However, refinancing your mortgage replaces the existing mortgage and may require you to refile immediately.
Homestead State Laws
Homestead laws vary in each state. There are 40 states that provide a property tax credit or homestead exemption to provide homeowners who occupy their residences a credit to lower property taxes. The amount a state provides differs, depending on the state. For example, in California, single homeowners are able to deduct $75,000 from their assessed property value, and families or couples are allowed to deduct $100,000 before calculating the taxable value of the home, as of 2011. In Florida, homeowners are entitled to deduct $25,000 from the value of the home for the homestead exemption. If the home is valued at more than $75,000, owners may deduct an additional $25,000, resulting in a total deduction of $50,000.
Refiling Homestead
If your state offers a homestead exemption, you need to file an application at your county tax assessor's office when you purchase the home. You typically need to file a new homestead exemption after refinancing. To determine if this applies in your situation, review your refinance documents. Check to see if the new mortgage contains a provision vacating the existing homestead. If it does, you need to refile.
Eliminating the Need to Refile Homestead
You may eliminate the need to refile homestead by asking your refinance company to subordinate the existing homestead. Subordinating the homestead reestablishes the exemption by carrying it along with the new mortgage. Subordination keeps the current homestead effective and eliminates the need to file for a new homestead exemption.
Changes in the Title
A change in the title during refinancing may require you to refile a homestead exemption. If a name is added or removed, you likely need to file again. If you're unsure, you may file a homestead application listing all owners living in the home to be kept at your local property appraiser's office. If it's later determined that refiling homestead was required, the new homestead exemption applies, provided all other eligibility requirements were met. When the ownership of the home is converted to a trust, you also need to refile a homestead exemption.
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Good one! Plenty of people have this question in mind. I am definitely going to circulate this post around so that my loved ones are aware of this. Last week my uncle told me about income tax benefit on home loan and that’s when I planned to buy a house of my own.
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