Homestead exemption is a legal regime designed to protect the value of the homes of residents from property taxes, creditors, and circumstances arising from the death of the homeowner spouse. Laws are found in state statutes or constitutional provisions which exist in many states in the United States. The homestead exemption in certain southern states has its legal origins in colonial Spanish exemption laws. Exemption laws in other states were enacted in response to the effects of economic depressions in the nineteenth century.
Read more about Homestead Exemption: Features, Immunity From Forced Sale, Property Tax Exemption
Famous quotes containing the words homestead and/or exemption:
“The free, independent spirit who commits himself to no dogma and will not decide in favor of any party has no homestead on earth.”
—Stefan Zweig (18811942)
“Extemporaneous speaking should be practised and cultivated. It is the lawyer’s avenue to the public.... And yet there is not a more fatal error to young lawyers than relying too much on speechmaking. If any one, upon his rare powers of speaking, shall claim an exemption from the drudgery of the law, his case is a failure in advance.”
—Abraham Lincoln (1809–1865)