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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12679
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I filed a contract for deed at the clerks office but need a

Customer Question

I filed a contract for deed at the clerks office but need a deed for homestead exempt tax what do i need to file.
Submitted: 1 month ago.
Category: Tax
Expert:  Lane replied 1 month ago.

Current year homestead exemptions are granted to individuals who purchase land and an existing residence prior to January 1 of the current year. New construction must be completed and occupied on January 1 to be taxable for that year. If the house is not taxed, there will be no homestead exemption for the current year.

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Individuals who purchase land and an existing residence after January 1 will not be eligible for homestead exemption until the following year. If there is a homestead exemption on a property on January 1, it will remain so for that year.

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If a property owner moves away from the homestead, the Assessor’s office should be notified. When the office receives this information, the exemption will be cancelled at the end of the year.

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It is advisable to go in to the assessor’s office and apply for homestead exemption as soon as you purchase and occupy your home.

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If no homestead exemption is in effect on a property on January 1, there will be none for that year. The new owners may apply for homestead exemption for the following year at any time during the purchase year, or between January 1 and September 30 of the next year.

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Soon after the Act of Sale on your recently purchase property, your attorney, notary or closing company will file your act of sale in the Conveyance Office of the Parish Clerk of Court.

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Shortly after filing, you will receive a recorded copy of your title along with the necessary information you will need to bring to your Parish Assessor’s Office and file for your homestead exemption.

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The property owner must personally file for the exemption at the Assessor’s Office.