What is the homestead exemption?

Answer by  worker2746 (2434)

The exemption applies to homesteaders, or people already living in an area. If there is a highway that is coming through to an area, this can supercede immiment domain and then apply to the piece of property in question. This can protect the owner from taking land away unfairly without compensation.

Answer by  patti (29325)

Some states have laws called "homestead exemption" that protect the value of a home from creditors, taxes and other issues that follow the death of a homeowner's spouse.

Answer by  eaglover (394)

This is a state or local tax break that exempts a certain amount of the value of property which a property tax is based on.

Answer by  John (9008)

The homestead exemption is an exemption from property tax that is granted by many states and localities. The details of it vary from place to place, but, generally, if you live in your home, all or part of its value is exempt from property tax.