 sara
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Joined: 05 Jul 2006
Posts: 1844
Location: New Brunswick, New Jersey
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 Posted: Sat Oct 03, 2009 1:20 am Post subject: |
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Hi hemsleysue,
Homestead exemption is a designed to protect the value of the homes from property taxes, creditors as well as circumstances arising from the death of a homeowner spouse. You should note that laws enacting such protections are found in constitutional provisions or state laws. A homestead exemption would prevent the forced sale of your home in order to meet the demands of your creditor. Apart from this, it would provide a shelter to the surviving spouse. Also, it provides exemption from property taxes applied to a home. A homeowner can homestead his/her primary property. He/she won't be able to claim the homestead on any other property.
Take care. |
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