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What is Homestead Exemption - YouTube
Channel: Kristina Smallhorn
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so what really is homestead exemption
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and do you really need to file it it's
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take a tip Tuesday
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hi my name is Cristina small horn and if
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you just had a closing your title
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attorney might have told you that you
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needed to file homestead exemption and
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you're thinking how much could that
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really save me and what the heck is
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homestead exemption so we're just gonna
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get right into it right now and I'm
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gonna explain to you what homestead
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exemption is homestead exemption is the
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property tax often given to someone who
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owns a property and lives in their
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primary residence homestead exemption
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laws typically have four primary
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features one preventing the fourth sale
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of a home to meet the demands of
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creditors usually accept mortgages
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mechanic's liens or sales to paid
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property taxes to providing the spouse
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with shelter 3 providing an exemption
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for property taxes on a home for
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allowing tax exempt homeowners to vote
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on property taxes it increases to
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homeowners over a threshold by bond or
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millage requests every state varies when
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it comes to homestead exemption so
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always check with your local tax
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assessor's office or your real estate
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agent to get the idea of what your
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homestead exemption covers in Louisiana
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we have property homestead exemption a
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homestead exemption is most often on a
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fixed monetary amount such as 75
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thousand on the assessed value the
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remainder is taxed at a normal rate a
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home valued at 175 thousand would be
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only taxed on the first hundred thousand
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and the home valued at $100,000 for the
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$25,000 the exemption is generally
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intended to turn the tax into a
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progressive tax Louisiana exempts the
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first $75,000 for your tax exemption so
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how can homestead exemption really save
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you money in a real life situation if
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you were to buy a home here in Ascension
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Parish take this example alone you have
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a property that's worth 220,000 with no
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tax exemption your taxes would be two
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thousand seven hundred and fifty dollars
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but if you had filed a homestead
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exemption your taxes would be one
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thousand eight hundred and twelve
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dollars and fifty cents that's a savings
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of nine hundred and thirty seven dollars
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and fifty cents so who actually
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qualifies for homestead exemption here
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in Ascension Parish and throughout
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Louisiana in order to qualify for an
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exemption for property taxes you must
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own and occupy the property the only one
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primary residence per individual or
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married couple qualifies for Louisiana
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homestead exemption
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soon after the act of sale on your
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recent purchase of property your
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attorney notary or closing company will
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file an act of sale with a parish clerk
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of court shortly after filing you will
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receive a record copy of your title
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along with the necessary information to
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bring to your tax assessor's office and
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file your homestead exemption in
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Ascension Parish so they've made it a
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lot easier for homeowners to go ahead
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and file their homestead exemption and I
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will leave you a link in the description
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to that particular link so that way
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you'll be able to file easily here in
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Louisiana they've been trying to change
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the rules when it comes to homestead
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exemption they wanted to take that
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seventy five thousand dollars of
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homestead exemption amount and give it
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to the parishes to decide on how much
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was actually going to be going towards
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certain things so they wanted to give it
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to the voters to choose how much they
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really wanted to take off for their
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homestead exemption so instead of the
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seventy five thousand dollars you could
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take that amount and make it seventy
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four thousand dollars and take a
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thousand dollars of that and put it back
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towards schools and roads this was not
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passed thankfully and our seventy five
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thousand dollars has remained intact and
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we as parishes do not get to vote on
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this it's just the flat $75,000
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homestead exemption if you want to read
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the whole entire law when it comes to
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homestead exemption here in Louisiana I
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put a very useful link in the
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description it actually even mentions
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about usufruct and naked ownership which
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I did a video before on so if you want
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to know anything about use of frogs and
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naked owners go ahead and click the
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video over here and don't forget to like
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share and subscribe and hit that
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notification bell because next week I'm
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going to make a very boring topic very
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interesting and it's all about why you
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need an owner's title policy I know it
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doesn't sound very interesting but it's
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super beneficial
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you my name is Christina small horns
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your real estate whisperer and I tell
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you all this because you matter
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