Exchange Of Agreement Meaning In Contra Costa
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WHAT IS A HOMESTEAD DECLARATION? A homestead declaration is a legal document that claims and registers a particular house as the owner's homestead or principle dwelling. This document helps to protect the house against loss to creditors.
At its core, homestead exemption reduces the taxable value of a homeowner's primary residence, meaning a portion of the home value will not be taxed. This reduction results in lower property tax bills.
It provides a legal shield against creditors, preserves your home equity, and offers peace of mind in an unpredictable world.
Documentary transfer tax is collected on every transfer of property, unless there is a valid exemption listed. County transfer tax is computed on the full value of the property. Any amount over $1.00 must be rounded up to the nearest $500 for the Countywide Documentary Transfer Tax.
Declaration of Homestead – A document recorded by either a homeowner or head of household on his primary residence to protect his home from forced sale in satisfaction of certain types of creditors' claims. Decree of Distribution – Evidences the distribution of real property from the estate of a deceased person.
If you own and occupy your home as your principal place of residence on January 1, you may apply for an exemption of $7,000 off your assessed value for an annual savings of approximately $70 on your property taxes. New property owners will automatically receive an exemption application.