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Homestead Exemption: What It Is and How It Works
What Is a Homestead Exemption?
A homestead exemption is a legal provision that shields a home from some creditors following the death of a homeowner’s spouse or the declaration of bankruptcy and minimizes property taxes for homeowners.
Key Takeaways
- A homestead exemption reduces homeowners’ state property tax obligations.
- The exemption can help protect a home from creditors or during bankruptcy.
- The exemption only applies to one’s primary residence.
- Most states have homestead exemptions, but the rules and protection limits vary.
Homestead Act
The Homestead Act, enacted during the Civil War in 1862, accelerated the settlement of the western territory.
When will my homestead exemption kick inIt allowed any adult citizen or intended citizen, who had never borne arms against the U.S. government, to claim 160 acres of surveyed government land. Claimants had to live on and cultivate the land.
Additional homesteading laws were passed in the late 19th and early 20th centuries.
The Federal Land Policy and Management Act of 1976 ended homesteading, except for
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