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!
October 2nd, 2009 at 03:14 pm 1254496457
Jerry