ST Alpha - "can someone explain how the whole homestead act thing works for first time home buyers? supposedly i apply and it lowers my payments/taxes? -- nm" (Reading a Post)

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can someone explain how the whole homestead act thing works for first time home buyers? supposedly i apply and it lowers my payments/taxes? -- nm

Posted by colin (aka colinski) Aug 26 '14, 13:06

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Responses:

Searching some stuff on-line, it sounds (nothing definitive yet, but sounds) like you can get the homestead on the portion you reside in - ty97 Aug 26, 13:38
This stuff varies by state. The 'homestead exemption' is what TX calls there - ty97 Aug 26, 13:11 1
- H.E. in Indiana, as well. -- nm - Spawn Aug 26, 13:37
you mean like a homeowners exemption? - groiny Aug 26, 13:08 11
- ugh. stupid rental property. yes, that's what i was talking about. - colin Aug 26, 13:11 10
  - I don't think rental properties are eligible? -- (link) - ty97 Aug 26, 13:12 9
    - But he is residing there, as well. -- nm - Spawn Aug 26, 13:20 8
      - it'll be weird. there are two addresses, one property. we'll be living on the property.. - colin Aug 26, 13:23 7
        
        At one point here I owned and lived in a duplex and *think* I got the deduction. - Spawn Aug 26, 13:26
        
        Can't you just do something like - have just one mailbox, not on either house, free standing, and label it both addresses? - Andie Aug 26, 13:25
        
        oh man, that's gonna get confusing. I'd contact the Harris county tax/appraiser's office for guidance. -- nm - ty97 Aug 26, 13:25 4
        
        you have to check the bill and see how the property is currently assessed. - groiny Aug 26, 13:28 3
        
        He can call and ask the questions generically without giving his address. -- nm - ty97 Aug 26, 13:29 2
        
        "we are considering buying a property - how would this work?" -- nm - Andie Aug 26, 13:29
        
        true dat. nm -- nm - groiny Aug 26, 13:29

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