Remember to file homestead exemption

[Shamoan]

We missed the deadline last year and it's costing us 4 grand in escrow shortage as well as increasing our mortgage payments. Dammit.

 

[RocketDawg]

We missed the deadline last year and it's costing us 4 grand in escrow shortage as well as increasing our mortgage payments. Dammit.

You have to do it every year?

 

[DesotoCountyDawg]

No.

 

[Requiem For A Dawg]

I bought a new house in February, and the tax acccessor's office said I could not file until next year.

 

[512taylor]

I bought a new house in February, and the tax acccessor's office said I could not file until next year.

I would get that checked out. Also, if you are 65, or older, you can save.

 

[DesotoCountyDawg]

I believe that is correct because it's filed for what you did in the previous year. You can double check just to make sure.

 

[Faustdog]

I bought a new house in February, and the tax acccessor's office said I could not file until next year.

This is correct. In Mississippi taxes are paid in arrears, and you must file for homestead the following January-March from when you purchased your home.

 

[The Maroon Pug]

Same thing happened to me. The bank I mortgage through didnt tell me about it and now I am paying $250 more a month than I should to catch up. Probably going to refinance, this bank has been nothing but trouble and causes confusion on what exactly I am suppose to do.

 

[Beretta.sixpack]

i got hosed on selling a house without homestead this week...

we moved from jackson to oxford (i know, i know).....and my house in jackson is FINALLY selling....have had two mortgages for about 16 months....so I'm to provide a homestead for 2017 with a credit, but have to pay the difference in homestead vs no homestead......an unexpected $2400 the day before closing.....i hate my realtor for not pointing this out to me....

 

[Faustdog]

we moved from jackson to oxford (i know, i know).....and my house in jackson is FINALLY selling....have had two mortgages for about 16 months....so I'm to provide a homestead for 2017 with a credit, but have to pay the difference in homestead vs no homestead......an unexpected $2400 the day before closing.....i hate my realtor for not pointing this out to me....

That does suck and it probably should have been explained. I know it's in my company's standard contract that seller pays the difference in homestead taxes if it's not claimed on the house, so you're doing it unless you strike through that line in negotiations.

 

[aTotal360]

I bought a new house in Feb too. I going to file today. Thanks for the reminder. Like others have said, I wasn't expecting it to matter until next year's taxes anyway.

 

[Lawdawg.sixpack]

Check with your tax assessor to make sure there's no way you can get any credit toward that. There may be an affidavit you can file since you were eligible but didn't file timely.

 

[patdog]

I bought a new house in February, and the tax acccessor's office said I could not file until next year.

The assessor is correct. For an existing house, the previous owner's homestead exemption applies for this year (it's based on who owns the house at the beginning of the year). You need to file for 2018 in January of next year. After that, it will automatically roll forward each year.

 

[Dawgfan61]

I feel for you. Same thing happened to me several years ago. Our homestead was removed because it was my girlfriends house. We got married and the change in marital status removed us from homestead and forced us to refile.

 

[aTotal360]

This post with your username made my Friday.

 

[dawglawz]

I looked into it a few years ago and unless something has changed I'm pretty certain there's no way to retroactively apply. It's asinine.

 

[msudawglb]

So how does it apply when you are building a new home? I close on new construction next week.

 

[aTotal360]

Maybe that was because collectively ya'll couldn't claim 2 exemptions on 2 separate parcels.

 

[dawglawz]

I don't think it being new construction makes a difference. It just depends on whether the previous owner of the land filed for homestead exemption on that property. I would try to apply after you close just to be safe. Like I said, even though you may have been absolutely entitled to the exemption, if you miss the deadline or forget to apply, Mississippi says 17 you pay me.

 

[patdog]

Can't hurt to check, but I've never heard of anything like that working. I don't think there's any way out of a missed deadline other then be sure to file on time the following year so you're not screwed again.