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A homestead generally refers to the primary residence owned and occupied by a person or family. So, a homestead exemption is a legal provision designed to protect the value in a principal dwelling place. Thus, homestead exemptions can provide asset protection from creditors for at least some of the value in the homestead. Typically, no creditors with the exception of a mortgage holder, taxing agency or mechanic’s lien (liens placed by those who provided home improvement services, for example) may seize more of the equity than the homestead laws allow.
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A homestead exemption may also refer to statutes in some jurisdictions that offer property tax reductions for a primary residence. For example, as of this writing, Article VII, Section 6 of the Florida Constitution reduces the value of a home for assessment of property taxes by $50,000. It may also may refer to the protection provisions for spouses and children.
In Florida, a married person must have consent of both spouses in order to sell a primary residence even of the property was paid for and is in the name of only one spouse. Upon death the surviving spouse can enjoy a life estate and use the home until passing. Alternatively, a widow may elect to timely file to take a 50% interest in the home and the remaining 50% is held in a life estate for the benefit of the decedent’s children. In particular, this video focuses on the amount of equity that one can protect from judgment creditors in each jurisdiction.
Homestead Exemption Statutes Vary By State
For example, some states, such as Florida, Iowa, Kansas, Oklahoma, South Dakota and Texas have provisions, if followed properly, allowing 100% of the equity to be protected. Other states, such as New Jersey and Pennsylvania do not offer any homestead protection. Whereas, the degree of protection in New York varies by county. What is more, with the 2005 federal bankruptcy code revision, residences purchased within 40 months (three years and four months) of a bankruptcy filing receive a maximum exemption of $125,000.
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