Protecting your Homestead-Farm-Ranch-Home......From "bankruptcy".

[Sourdough]

https://www.sofi.com/learn/content/homestead-exemption-rules-by-state/

At my age if I was moving to "some" other State, this would be more important them anything.

 

[elkhound]

I have known people across the country that have done this.

 

[Caribou]

There are two sets of exemptions, the State and the federal exemptions. Look both over before deciding which route to go. An exemption is an item that is exempt from seizure. Exemptions are things you get to keep. Each State has their own set of exemptions so the best thing to do will be different in AK vs. FL vs. MN.

 

[Sourdough]

"Other" stuff.......

http://bankruptcystrategy.com/bankruptcy-exemptions/

 

[Sourdough]

I think medical bills, is the leading cause of people filing for bankruptcy.

 

[Aerindel]

Yep. My property is a registered homestead under state law.

Not that it matters, as I have no debt and no credit score....but concievably I could need health care that would immediately put me into bankruptcy.

 

[ClemKadiddlehopper]

It will be awhile before they can repossess my place for unpaid taxes. $89.00 a year. We can handle a few 100% increases.

 

[Amish Heart]

Oh wow...love that rate! Our farm is $3000 a year. The farm itself is paid off, but there's that tax to pay.

 

[ClemKadiddlehopper]

We do get a homeowners credit and a senior discount, but if they decide to remove that, we are still at $650. The property tax is another reason why we bought this school.

Because it's a former school, it is considered low value for residential. It's value % on paper dropped more this year than the tax increase so no tax increase this year for us.

Considering how its built so much better than a house, we are quite happy. It was even cheap to buy, so we are golden to finish up here. We can live on peanuts and we're quite rural.