Homestead Act In Simple Terms In Suffolk
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As of 2024, the federal homestead exemption is $27,900 for an individual and $55,800 for married couples filing jointly. In contrast, New York's exemption amounts are: $179,950 for the counties of Kings, Queens, New York, Bronx, Richmond, Nassau, Suffolk, Rockland, Westchester, and Putnam.
Landmark Legislation: The Homestead Act of 1862. To help develop the American West and spur economic growth, Congress passed the Homestead Act of 1862, which provided 160 acres of federal land to anyone who agreed to farm the land. The act distributed millions of acres of western land to individual settlers.
Homestead declaration protects you from unsecured creditors and certain other debts or attachments, but it does not shield you from first or second mortgage lenders and/or equity lenders who possess a security interest in your home.
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.
The Homestead Act, enacted during the Civil War in 1862, provided that any adult citizen, or intended citizen, who had never borne arms against the U.S. government could claim 160 acres of surveyed government land. Claimants were required to live on and “improve” their plot by cultivating the land.
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. The exemption amount is doubled for married couples, which can be as much as $300,000 for a couple in Suffolk County, for example.
To protect the value of your property up to one million dollars ($1,000,000) per residence, per family, you must file a document called a “Declaration of Homestead”. You can file this form at the Registry of Deeds in the county or district where your property is located, referencing the title/deed to the property.
To reduce your property taxes, you have to file a Property Tax Grievance. You can do this yourself (if you love doing paperwork and dealing with Town Hall) or you can hire a firm on your behalf. All Island Tax Grievance specializes in representing homeowners in Suffolk County.
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.
