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:
“These Flemish pictures of old days;
Sit with me by the homestead hearth,
And stretch the hands of memory forth
To warm them at the wood-fire’s blaze!”
—John Greenleaf Whittier (1807–1892)
“Every member of the family of the future will be a producer of some kind and in some degree. The only one who will have the right of exemption will be the mother ...”
—Ruth C. D. Havens, U.S. suffragist. As quoted in History of Woman Suffrage, vol. 4, ch. 13, by Susan B. Anthony and Ida Husted Harper (1902)