homestead

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Related to homesteads: Homesteads Act

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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
Since 1868, the Florida Constitution has expressly shielded homestead property from forced sale except in certain delineated circumstances.
(8) The creditor asserted it would be inequitable to apply the homestead exemption because the debtor acquired the homestead with the specific intent to hinder, delay, or defraud creditors.
There shall be exempt from forced sale under process of any court, and no judgment, decree or execution shall be a lien thereon, except for the payment of taxes and assessments thereon, obligations contracted for the purchase, improvement or repair thereof, or obligations contracted for house, field or other labor performed on the realty, the following property owned by a natural person: 1) a homestead....
Siaya Governor Cornell Rasanga has set a side Sh50 million to provide clean water to each homestead.
'I want to ensure 100 per cent clean water in everyone homestead in Siaya by the time I will be leaving office,' Rasanga said.
All homeowners are eligible to have the taxable values on their homes reduced by $25,000 for school district taxes that typically account for more than half of a property tax bill, as long as they apply for a residence homestead exemption, according to Debbie Cartwright, counsel for the Texas Taxpayers and Research Association.
"I can own five homes in the city of Austin but I would only get to declare one as my homestead -- and that's the house that I live in," Longley said.
On top of the $25,000 school homestead exemption that all homeowners qualify for, disabled Texans and those who are 65 years old and older are eligible to receive an additional $10,000 school homestead exemption, according to the Texas Comptroller's website.
One would expect a great many homesteads in South Dakota are
recently acquired homesteads where debtor had occupied the home for
Historical Evolution of the Homestead Exemption in South Dakota.
An attorney must obtain a homestead exemption waiver in order to attach a client's homestead property, even when that property is partially non-exempt and was the subject of the legal services, the Court of Appeals has ruled in Christensen Law Office v.