Well I checked at my tax office and found out even more about homestead exemption. In the state of Georgia, they give you a $2000 exemption off of the 40% value of my home. I looked up what the state of Georgia thinks is 40% of the value of my home and it has me listed at about $414,000. At 40%, does that mean that I live in a million dollar home?? Wow, that sure changes my net worth! I think I need to ask someone about that!
Even more on homestead exemption!
October 1st, 2009 at 09:51 pm
October 1st, 2009 at 11:03 pm 1254438199
Frankly I always did/do, especially because I was offsetting it with the mortgage balance. It factors in, IMHO!
I also always create a line item when I work my net worth out on paper - one that says LIQUID net worth. That being the figure that didn't include the house. The figure I've been using to key in is my Zillow estimate. Ehhh, not a true assessment, but close enough for guess-timating.
I'd use the tax assessor's figure, but ours is rather on the lax side and tries not to get too excited raising valuations - I think they like the job and want to keep it. It's one that is voter appointed. This person's been in office for FOREVER here!
Happy million dollar home ImaSaver!