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hemsleysue · Joined: 13 Sep 2009 Posts: 72 0.02 Dollars($)

What does mean by "Homestead Exemption"?

What arethe benefits of it?

sara · Posted: Sat Oct 03, 2009 1:20 am Post subject:

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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