Other Talk "Otterville" plus Religion/Politics

Question about Mortgage exemptions

Old 04-28-05, 08:18 PM
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Question about Mortgage exemptions

First off what is it and how do I know if I qualify? My mom said I should look into one or see if one is filed for our home. We have been living in our first house now since November of 2003 and neither my wife or I are very savvy about these homeowner issues but ore property taxes doubled since we moved in and it has caused our mortgage to go up so anything we can do to bring it down would be great. I looked on the internet for things like homesteader credits and such but it looks like we make too much to apply for one of those. It seems like their is always a wealth of knowledge here so I thought I would toss it out since I can't find any great info on the net. Aside from refinancing does anyone have other suggestions to try and lower our payments?
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Old 04-29-05, 02:10 PM
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bump in case someone missed it
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Old 04-29-05, 02:16 PM
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Do you know what you paid in mortgage interest last year?
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Old 04-29-05, 02:17 PM
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I can find out but I think $4000. Not sure could be way off. I can find out when I get home in a few hours.
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Old 04-29-05, 02:27 PM
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Well, you need to find out if it is worth taking the excemption. I don't. The standard exemption is just under $10 for married filing jointly. So, you would need enough mortgage interest, property taxes, and other deductable items to go over the standard deduction to make it worth your time.
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Old 04-29-05, 02:28 PM
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I think you mean homeowner exemption. It has nothing to do with mortgage inerest. In the state of IL you recieve a homeowners exemption if you as the owner live in the house. The homeowners exemption creates a reduction in your property taxes. You will need to check with your county to see if you have one.
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Old 04-29-05, 02:29 PM
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I think you mean $10K, not $10.
In any case for 2005, the standard deduction is $10K for MFJ. You have to beat that to itemize. For single, I'm fairly sure it is half that.
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Old 04-29-05, 02:35 PM
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Yes, this, as I understand, is not a tax issue.

The exemptions, I believe, are not even handled with the mortgage bank. It all has to do with your local, state, and county government. I would probably break open your copy of the blue pages and make a couple of calls.
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Old 04-29-05, 02:35 PM
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I think you mom is talking about the homestead exemption as ANDREMIKE said. In Texas you can file it for last year. Just check with your county tax accesor.
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Old 04-29-05, 02:36 PM
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Originally Posted by ANDREMIKE
I think you mean homeowner exemption. It has nothing to do with mortgage inerest. In the state of IL you recieve a homeowners exemption if you as the owner live in the house. The homeowners exemption creates a reduction in your property taxes. You will need to check with your county to see if you have one.
A renter's tax.

No wonder so many states have both a sales tax and an income tax.
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Old 04-29-05, 02:43 PM
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My exemption is about 1.5% of my total assessment so it sure doesn't make much of a difference.

Check your property tax statement (if you even get one since you have the bank pay it for you). And start your own Proposition 13 revolution. Doubling property taxes and forcing people out of their homes because they couldn't pay them was a big reason for it in California.
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Old 04-29-05, 11:00 PM
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Originally Posted by jaelliot
I can find out but I think $4000. Not sure could be way off. I can find out when I get home in a few hours.
correction... $8000

Damn, the money we spend just to have a place to play our movies as loud as we like.
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