homestead

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homestead

The dwelling house and adjoining land forming the permanent residence of the head of household.Under modern law,a person's homestead is given a very specific definition within each state's statutes and is then granted protections from creditors and against excessive real estate taxes. The term homestead may also apply to the rights granted to a widow or widower to use real property for their remaining lives if they elect to take advantage of homestead laws rather than provisions made in a will.The protections may be unlimited, only up to a certain dollar value of equity, or limited in area. Each state's laws are different, and homestead may be defined differently in the various statutes within a state.