homestead exemption


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homestead exemption

n.
Partial or complete exemption of homesteads from certain laws, such as those governing bankruptcy or taxation.
References in periodicals archive ?
FILE FOR FLORIDA'S HOMESTEAD EXEMPTION If you purchase a house or condominium in Florida as your primary residence, consider applying for Florida's homestead exemption for the property.
As a matter of public policy, the purpose of the homestead exemption is to promote the stability and welfare of the state by securing to the householder a home, so that the homeowner and his or her heirs may live beyond the reach of financial misfortune and the demands of creditors who have given credit under such law.
HB147 Increases homestead exemption amount 1/1/2016
Senate Bill 2905, sponsored by State Senator Michael Hastings (D-Matteson) and State Representative Stephanie Kifowit (D-Aurora), expands property tax exemptions for veterans with disabilities and their spouses, increasing the disabled veterans homestead exemption from $70,000 to $100,000.
Despite some recent good news that home prices are rising, California's situation is troubling because the homestead exemption is, for many of your clients, of little use.
If passed, statewide Proposition 1 will amend the Texas Constitution to increase the homestead exemption by $10,000 (bringing the total exemption up to $25,000), saving the average Texas homeowner $130 per year.
After an investigation, the appraiser notified Mitchell that the homestead exemption was revoked for 2007.
They will also receive important notifications via email, such as homestead exemption reminders, neighborhood home value updates, and mortgage change notifications.
The court held that the condo was properly considered an asset for purposes of the FUFTA, since the IRS could have reached it to collect Jerry Rubenstein's taxes either by an administrative levy or by bringing a lien-foreclosure suit in federal court, regardless of any homestead exemption.
That means a $230,000 home with a $50,000 Homestead Exemption would see county taxes rise to about $900.
A homestead exemption program reduces the property tax on qualifying properties, usually a principal residence, by excluding a portion of those properties' value from taxation.