The term homestead is used in reference to the property in which you own and live. With a homestead exemption, there is a legal precedence in place that protects the value of your home from property taxes, creditors and instances that can occur when a spouse of a home owner passes away. Each state in the US has specific laws in place in regards to homestead exemptions with most put in place as a response to economic depression during the 19th century.
Homestead exemption laws have basic features that are to your benefit. Such laws will prevent the forced sale of your home to meet creditor demands. The law will provide you with shelter should your spouse pass away as well as provide an exemption from property taxes that can be applied to your home. In New Hampshire, a recent law change made it so that home owners can claim a higher exemption on the taxable value of the home. A single resident can now exempt $120,000 which is higher than the previous $100,000. Married couples have the option to claim $240,000 from the previous $200,000.
What Homeowners Should Know
When you become a home owner, you may not fully understand homestead exemption and may feel that your home is not properly taxed or assessed. To find out if you are being treated unfairly, contact a local real estate attorney. Attorneys who specialize in property law will be able to assist you with your particular circumstances.
Research will be conducted on the assessed value of your home as well as taxes paid to ensure you were treated fairly. The attorney will have the know-how to determine if you have a case and what steps need to be taken to move forward. Never hesitate to contact legal assistance in regards to your home when you feel the need.
For more information contact attorney Pete Nicosia at 978-649-4300