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A homestead exemption helps protect a home from a seizure following a declaration of bankruptcy or the death of a spouse. It can also protect the homeowner from higher property taxes.
California exempts the first $7,000 of residential homestead from property taxes. Colorado allows a 50% deduction for up to the first $200,000 (equivalent to a $100,000 exemption if the property is valued at $200,000 or above) for seniors (over age 65) who have lived in their property for ten consecutive years.
A homestead exemption is a legal mandate. It helps protect a home from seizure by creditors following a declaration of bankruptcy or the death of a spouse with ownership interest.
The intent of the Homestead Act of 1862 [24] [25] was to reduce the cost of homesteading under the Preemption Act; after the South seceded and their delegates left Congress in 1861, the Republicans and supporters from the upper South passed a homestead act signed by Abraham Lincoln on May 20, 1862, which went into effect on Jan. 1st, 1863.
Homestead declaration allows to protect part of the equity on your primary residence, should you be forced to sell it to pay a creditor (other than the taxman, a mortgage holder, or a contractor who worked on the property.) In California, this amount is $50,000 for singles, $75,000 for married, and $150,000 for people over 55 or legally disabled.
Florida's debtor protection homestead provision is one of the broadest in the United States.The value of the property that can be protected is unlimited, so long as the property occupies no more than one-half acre (2,000 sq m) within a municipality, or 160 acres (650,000 sq m) outside of a municipality.