The Homestead Declaration
Note: I am not a lawyer and the information I am presenting is to offer what I know as I understand it. I make no guarantees as to the legal validity of the information. Take what I am about to offer and do your own research or seek counsel for a better understanding of the legalities of the Homestead Declaration.
A Homestead Declaration is a legal document which can help to protect your homestead in times of economic hardship. Did I get your attention? I want to make sure you understand that the homestead declaration and the homestead exemption are different in every way.
Homestead Exemption is a property tax exemption to put it simply. The homestead exemption allows a homesteader to exclude part of the property tax that is calculated on the value of the homestead.
Different jurisdictions provide different degrees of protection under homestead exemption laws. Some only protect property up to a certain value, while others are assessed by acreage limitations. If your homestead exceeds these limits, creditors may still force a sell.
A homestead exemption is most often only on a fixed monetary amount, such as the first 50,000 dollars of the assessed value. The remainder is taxed at the normal rate. In this case, a homestead valued at 150,000 would then only be taxed on 100,000; a home valued at 75,000 would only be taxed on 25,000.
Don’t confuse homestead exemption with the Declaration of Homestead process. There are separate and distinct laws involved in each of these processes. A Homestead Declaration, when properly filed, is an asset protection exemption which can protect your homestead and property in times of economic hardship from liens, judgments and creditors. The homestead declaration is a notarized, recorded claim that declares your homestead and cannot be subject to attachments, judgments or creditors.
A legal judgment resulting from business losses, auto accidents, or an array of other possibilities could result in a plaintiff legally taking a homesteader’s assets. However, the safeguards provided by homestead declaration may just save your homestead. May it be valued from a five thousand dollar spot with a camp trailer to a million dollar, multi acre homestead. The catch is: you must file your Homestead Declaration to protect your home before anything happens.
Some debts must be honored, with or without a Homestead Declaration. If you have put your property up as collateral on a loan or mortgage and default, the homestead declaration does not apply and the homestead can be foreclosed upon. Unpaid property taxes and debts on improvements you made on your homestead are not exempt from the homestead declaration.
You can download the form you need (couples or single) from one of many websites. Next, you’ll fill the form out and sign it in front of a Notary Public. Then, the notarized Homestead Declaration must be filed with the Court Recorder in the county / parish / borough in which the property is located. You don’t need a lawyer to do this either.
P.S. I am not a lawyer and can not guarantee all my info is correct. There is nothing to loose however, so do some research and learn more.
FREE STUFF
I post these Amazon.com links above to show you all a bit of what I think would make for some good reading. If you want some free stuff, here are some links below. NOTE: They are the Kindle version but can be read on a phone using the Kindle app. I think they can be read on the computer too.
If you live in Alabama, Arizona, Arkansas, California, Florida, Georgia, Idaho, Illinois, Kansas, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Montana, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, South Dakota, Texas, Vermont, Washington, West Virginia, Wisconsin, and Wyoming, you may be able to file for the homestead declaration. I am not sure about the other states. However, we can always but the living day lights out of some of these law makers to draw up a bill that may become a law to protect our homesteads.
http://en.wikipedia.org/wiki/Homestead_exemption
http://www.homesteadus.com/faq.htm
http://www.networthjourney.com/declaration-of-homestead/
http://findforms.com/search.php?q=homestead
http://findforms.com/single_form.php/form/f10253/Idaho_Homestead_Declaration_Couple_Homestead_Idaho
http://www.canyonco.org/assessor.aspx?id=8343
http://www.motherearthnews.com/Modern-Homesteading/1982-07-01/Stop-Financial-Downfall.aspx
...is different from the Homestead Exemption
What is a Homestead Declaration?
A Homestead Declaration is a legal document which can help to protect your homestead in times of economic hardship. Did I get your attention? I want to make sure you understand that the homestead declaration and the homestead exemption are different in every way.
The Homestead Exemption
Homestead Exemption is a property tax exemption to put it simply. The homestead exemption allows a homesteader to exclude part of the property tax that is calculated on the value of the homestead.
Different jurisdictions provide different degrees of protection under homestead exemption laws. Some only protect property up to a certain value, while others are assessed by acreage limitations. If your homestead exceeds these limits, creditors may still force a sell.
A homestead exemption is most often only on a fixed monetary amount, such as the first 50,000 dollars of the assessed value. The remainder is taxed at the normal rate. In this case, a homestead valued at 150,000 would then only be taxed on 100,000; a home valued at 75,000 would only be taxed on 25,000.
The Homestead Declaration
Don’t confuse homestead exemption with the Declaration of Homestead process. There are separate and distinct laws involved in each of these processes. A Homestead Declaration, when properly filed, is an asset protection exemption which can protect your homestead and property in times of economic hardship from liens, judgments and creditors. The homestead declaration is a notarized, recorded claim that declares your homestead and cannot be subject to attachments, judgments or creditors.
A legal judgment resulting from business losses, auto accidents, or an array of other possibilities could result in a plaintiff legally taking a homesteader’s assets. However, the safeguards provided by homestead declaration may just save your homestead. May it be valued from a five thousand dollar spot with a camp trailer to a million dollar, multi acre homestead. The catch is: you must file your Homestead Declaration to protect your home before anything happens.
Some debts must be honored, with or without a Homestead Declaration. If you have put your property up as collateral on a loan or mortgage and default, the homestead declaration does not apply and the homestead can be foreclosed upon. Unpaid property taxes and debts on improvements you made on your homestead are not exempt from the homestead declaration.
To file a homestead declaration:
You can download the form you need (couples or single) from one of many websites. Next, you’ll fill the form out and sign it in front of a Notary Public. Then, the notarized Homestead Declaration must be filed with the Court Recorder in the county / parish / borough in which the property is located. You don’t need a lawyer to do this either.
P.S. I am not a lawyer and can not guarantee all my info is correct. There is nothing to loose however, so do some research and learn more.
FREE STUFF
I post these Amazon.com links above to show you all a bit of what I think would make for some good reading. If you want some free stuff, here are some links below. NOTE: They are the Kindle version but can be read on a phone using the Kindle app. I think they can be read on the computer too.
If you live in Alabama, Arizona, Arkansas, California, Florida, Georgia, Idaho, Illinois, Kansas, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Montana, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, South Dakota, Texas, Vermont, Washington, West Virginia, Wisconsin, and Wyoming, you may be able to file for the homestead declaration. I am not sure about the other states. However, we can always but the living day lights out of some of these law makers to draw up a bill that may become a law to protect our homesteads.
http://en.wikipedia.org/wiki/Homestead_exemption
http://www.homesteadus.com/faq.htm
http://www.networthjourney.com/declaration-of-homestead/
http://findforms.com/search.php?q=homestead
http://findforms.com/single_form.php/form/f10253/Idaho_Homestead_Declaration_Couple_Homestead_Idaho
http://www.canyonco.org/assessor.aspx?id=8343
http://www.motherearthnews.com/Modern-Homesteading/1982-07-01/Stop-Financial-Downfall.aspx
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