What is a Homestead?

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If you bought a home last year, then you have until April 30, to file for your Homestead Exemption!  Chop Chop! Times a wasting!  This is very important and not many new homeowners know to file for a homestead exemption. It is always discussed at the closing table but chances are, you were overwhelmed on closing day and inundated with info and paperwork, that you may have missed this tidbit.

What is this thing you speak of, you ask?

Well…….A homestead is the one primary residence of a person, and no other exemption can be claimed on any other property anywhere, even outside the boundaries of the jurisdiction where the exemption is claimed.

Not to get too technical but a Homestead exemption is a legal regime designed to protect the value of the homes of residents from property taxes, creditors, law suits, and circumstances arising from the death of the homeowner spouse. Laws are found in state statutes or constitutional provisions which exist in many states in the United States. The homestead exemption in certain southern states has its legal origins in colonial Spanish exemption laws. Exemption laws in other states were enacted in response to the effects of economic depressions in the nineteenth century.

So in Texas, a homestead exemption helps you save on taxes on your home. An exemption removes part of the value of your property from taxation and lowers your taxes. For example, if your home is valued at $100,000 and you qualify for a $20,000 exemption, you pay taxes on your home as if it was worth only $80,000. Nice huh?

Below are the links to download the necessary forms to claim your exemption.

Don’t delay, as the deadline for filing is April 30!

You should receive your preliminary tax assessment in May or June. If you need help protesting your assessed value, please contact me for assistance in determining current market values.

ENJOY YOUR NEW HOME!   Patti Simon Austin Tx Realtor

Pay It Forward Hat!

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My husband, Ralph, had to be in Dallas on business last week, so I tagged along. It’s always an adventure, as we are always looking for new places to discover. I suggested Italian for dinner, so we drove to the upper Greenville area, to a great place called Prego’s Pasta House. As it turns out, Prego’s seems to have quite a following. They’ve been around for years and the locals flock to this place. I can understand why. The food was some of the best I’ve had in some time.
A cute couple came in and they were obviously long time customers, as everyone greeted them cheerfully, welcoming them back. She was wearing a wonderful hat. I mentioned to Ralph that I really liked her hat a lot.
As we were getting ready to leave, we walked by this couples table and Ralph, who never meets a stranger  said, “my wife really loves your hat!”. She laughed and said, “oh really, it’s a Helen Kaminski hat. I got it at Neiman’s. You can get this hat at Saks Fifth Ave. too”. We continued to talk a bit and then she insisted that I try the hat on. Feeling a tad awkward, but she insisted… I tried it on and of course it fit perfectly. I handed it back to her and had some nice chit chat.
We left and as the valet was bringing our car around, Ralph ran back inside for something and the nice couple we had been talking to called Ralph over to their table again. The lady insisted upon Ralph taking her hat and giving it to me. Ralph brought it to me in the car. I was shocked! No way was I taking that hat from the sweet lady! That was just over the top!
I ran back inside to see the sweet lady and return her hat to her. She would not have it! She said when she realized we didn’t live in Dallas, she wanted me to have her hat.

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As we were talking, another lady, Sabrina, from Miami Beach, FL., approached us. She said, “I’ve been watching you all and listening to your conversation. Do you all know one another?” We said, “no, we just met.” Sabrina looked at me and said, “I can’t believe she just gave you her hat! I love this. I love paying it forward. That is what my company is all about.” As it turns out, Sabrina is a former Super Model and has been seen on the cover of magazines like Sports Illustrated! She also is a singer/songwriter and actress. The list goes on and on of her accomplishments. Sabrina gave me a card with her t-shirt business promo on it. I had no idea who she was until I went to her website much later. She was a very nice, un-assuming type of person, with a super sweet heart. Sabrina and her business partner Christopher, own a t-shirt company. See their tees at http://www.sabrinabarnett.com/ and learn more about what a great lady Sabrina is! Their t-shirt company prints bejeweled uplifting messages on their stylish tee’s that impower women. Christopher came over and said he was mailing Mimi, (the hat lady) a t-shirt for being such a wonderful “pay it forward” kind of gal.
I still cannot believe a perfect stranger gave me her expensive hat!

The American Dream!

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Home Ownership is still the American Dream!

Many things come to mind when the words The American Dream are uttered. For me, I immediately think of owning a home as the ultimate American Dream. After all, our family and our home is the center of our lives in America. We work hard at having a comfortable, beautiful home that’s full of love and life to share with our family and friends. Home is where we enjoy creating something that is all ours. We own it. It’s a place that reflects our personality, where we create our family traditions that will long be remembered and passed down through generations. It’s a place where we form our family values and is an expression of who we are.

Does it matter if we own a home or not? Over the past few months, our country has gone through some turmoil as it continues to work through a sad financial upheaval of sorts. The question of home ownership has been debated where some critics have said that too much emphasis has been put on the virtues of home ownership. Really? Who are these people? Have they forgotten that for hundreds of years the people in the United States have believed that property or home ownership is a core value of this county? We must remember who we are as a nation, what our core values are and where our families begin.

Home ownership still remains the dream of an American and will always make a difference in family relationships, values and our connectedness to the communities in which we live. In a recent poll, when asked if homeownership is a better financial decision than renting, 96 percent of homeowners said it was and 71 percent of renters agreed. Even in times where this country has been in a financial crisis, the vast majority of Americans still see home ownership as a smart decision…financial stability. Homeownership is a great way to increase your net worth…a slow wealth builder. With every payment, equity builds.

Be proud of your accomplishment if you are a home owner and if you are not, continue to work toward owning a home. Live THE AMERICAN DREAM!