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.

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leave a debtor without "a homestead, the value of which shall be
In fact, there was little that the people of Homestead, the Mon Valley or even the union could have done to change the situation by the time the mass shutdowns began.
unsecured creditors to recover unpaid debts from the homestead, the
Here, importantly, if the spouse elects to take a one-half interest in the protected homestead, the surviving spouse could receive more than $600,000 more under the proportionate methodology than if the "residence anchors the analysis" approach were employed.
This year, whiteacre's value has doubled (100 percent value increase); however, because Chuck qualified for homestead and still qualifies for homestead, the assessed value for ad valorem tax purposes cannot exceed a three percent increase.