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What is a homestead or homestead exemption?
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The primary meaning of a "homestead" in current real property ownership refers to a "homestead exemption". A homestead exemption is a statutory protection from execution by creditors (up to a certain dollar amount that varies by state) for a property owner's primary residence only. Some states provide automatic homestead protection for the primary residence. Other states require that a separate declaration be recorded in the land records. A homestead exemption does not generally provide any protection for a purchase money mortgage and lenders now have boilerplate language that requires the borrower to subordinate any homestead to their mortgage. Homestead protection varies from state to state.Homestead can also refer to the following:
- A tax break for home owners offered in certain jurisdictions which sees property tax assessments reduced by a certain percentage as a result of the fact that the taxpayer resides in the property. This may require evidence of the status of ownership to be filed periodically with taxing authority.
- A homestead is a main dwelling house on a farm along with the adjacent land.
- A a tract of land whose ownership has been established under the provisions of the United States Homestead Act.
Your best bet is to go to your state website and look up homestead exemption so you can get the specific provisions for your state.
First answer by Ranger22.
Last edit by Kluss.
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