Homestead Exemption | Las Vegas Real Estate Terms
Homestead Exemption is a Las Vegas real estate term that you may not have heard of. If you’re a homeowner and looking for ways to decrease your monthly mortgage payment, here is a real estate tip for you. Filing homestead exemption could save you a few hundred dollars a year, which would reduce your monthly payment by a few dollars every month - but every little bit counts, right? Read more below on homestead exemption and how it can help you reduce your county taxes.
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What is Homestead Exemption?
If you have moved into a new home or possibly your first home in Nevada, it’s possible you haven’t been told about the Homestead Exemption. Homestead Exemption is a way for the county government to give homeowners that live on their properties a tax break. Filing homestead exemption could save you a few hundred dollars on your property depending on the size, location, and value of your home by only allowing taxes to increase by a certain percentage. If you own a property and have not claimed homestead, the county government can raise your taxes by a high percentage every year.
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Homestead exemption also protects homeowners from having their home claimed by a medical debt collection, bankruptcy, credit cards, personal or business loans other than a personal mortgage, and car or other accidents. In other words, if some sort of emergency happens to you or if you have to file for bankruptcy, you will be able to keep the home that you are currently living in. This law will also protect your equity, or what you’ve already paid toward your mortgage, up to $550,000. If a debt collector does try to sue for your house or the equity in your home, you should contact an attorney immediately to discuss your options. Contact the Klinger Group at 702-509-1446 to receive their list of trusted real estate attorneys.
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Homestead exemption does not trump loans and debts secured by a mortgage or deed. This means if you sign up for a loan and use your mortgage or deed to secure the loan, the debt collectors from that loan have the right to your home after due process of law. Again if you find yourself in this situation, contact a real estate attorney right away.
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Homestead exemption is only for those who own and are living on a given property. You cannot file a homestead exemption on a home that you are not living at or are renting out for income. You have to be physically living on the premises to file for homestead exemption. If you have homestead exemption on a property that you do not physically live at, you will be guilty of fraud and if caught can be heavily fined. Committing fraud for homestead exemption is not worth it and will cost much more than the potential savings offered to homeowners living on their property.
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How do you file for Homestead Exemption?
You may have already filed for homestead exemption when you purchased your house, so you may want to call your real estate agent. They may be able to help you determine if you have already filed for homestead exemption. If not then follow these steps below to file for homestead exemption. All homestead exemptions must be filed before December 31st in order to be effective for that year’s taxes.
- Find the homestead exemption form on Clark County’s website www.clarkcountynv.gov.
- Complete the form and print it out - you will have to get it notarized by a professional notary. Form must be clear and readable.
- Drop off the form to the Clark County Recorder. You will want to bring in cash or an approved credit card as there is a fee. The fee should be under $20.
- You may be able to mail the form if you’ve given yourself enough time for the form to arrive in the mail before December 31st.
The two Clark County Recorder’s offices in Las Vegas are 500 S Grand Central Parkway, 2nd floor. You can mail to this office at Box 551510 Las Vegas, NV 89155-1510
The north office is located at 3211 N Tenaya Way #118, Las Vegas NV 89129.
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