Posted on: 03rd Oct, 2009 12:51 am
What does mean by "Homestead Exemption"?
What arethe benefits of it?
What arethe benefits of it?
Hi hemsleysue,
Homestead exemption is a designed to protect the value of the homes from property taxes, creditors as well as circumstances arising from the death of a homeowner spouse. You should note that laws enacting such protections are found in constitutional provisions or state laws. A homestead exemption would prevent the forced sale of your home in order to meet the demands of your creditor. Apart from this, it would provide a shelter to the surviving spouse. Also, it provides exemption from property taxes applied to a home. A homeowner can homestead his/her primary property. He/she won't be able to claim the homestead on any other property.
Take care.
Homestead exemption is a designed to protect the value of the homes from property taxes, creditors as well as circumstances arising from the death of a homeowner spouse. You should note that laws enacting such protections are found in constitutional provisions or state laws. A homestead exemption would prevent the forced sale of your home in order to meet the demands of your creditor. Apart from this, it would provide a shelter to the surviving spouse. Also, it provides exemption from property taxes applied to a home. A homeowner can homestead his/her primary property. He/she won't be able to claim the homestead on any other property.
Take care.