Can I qualify for homestead on section 42 housing?
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I live in Section 42 housing, my rent is $650 a month, the rent goes by income. There are 76 units in the complex and each unit has a percentage rate. Your income determines the amount of rent the tenant pays. The manager filled out a rent certificate for and the question that asks if the property is subject to property taxes the box was marked no. Now I am unable to file homestead because of that. Can anybody tell me if this right? Thank you for your help.
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Answer:
You can't homestead a rental.....The Homestead Act is for people that own or are buying their property to help protect that asset (equity) from creditors.
Glenn S at Yahoo! Answers Visit the source
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