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Homestead Exemption

Homestead Exemption

Status provided to a homeowner's principal residence - the dwelling (house and contiguous land) of the head of a family -in some states that protects the home against judgements up to specified amounts.

Some states grant statutory exemptions, protecting homestead property (usually to a set maximum amount) against the rights of creditors.

For instance: Florida. The exemption is now $25,000 for property owners who qualify.

Also: Property tax exemptions (for all or part of the tax) are also available in some states. 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. May require evidence of the status of ownership to be filed periodically with taxing authority.

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