Letter from attorney to opposing counsel requesting documentation concerning homestead exemption for change of venue motion.
Homestead Act In Simple Terms In Kings
Category:
State:
Multi-State
County:
Kings
Control #:
US-0032LTR
Format:
Word;
Rich Text
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Description
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FAQ
Homestead tax exemptions usually offer a fixed discount on taxes, such as exempting the first $50,000 of the assessed value with the remainder taxed at the normal rate. With a $50,000 homestead exemption, a home valued at $150,000 would be taxed on only $100,000 of assessed value.
Specifically, homestead laws allow individuals to declare a portion of their property as "homestead" and therefore protected from a forced sale. Under New York's homestead protection law, the amount property owners may declare exempt varies based on county location and range from $75,000 to $150,000.
At its core, homestead exemption reduces the taxable value of a homeowner's primary residence, meaning a portion of the home value will not be taxed. This reduction results in lower property tax bills.
