Features
Homestead exemption laws typically have four primary features:
- They prevent the forced sale of a home to meet the demands of creditors (however, in most cases homestead exemptions do not apply to forced sales to satisfy mortgages, mechanics liens, or sales to pay property taxes);
- They provide the surviving spouse with shelter;
- They provide an exemption from property taxes which can be applied to a home.
- Allows a tax-exempt homeowner to vote on property tax increases to homeowners over the threshold via bond or millage requests.
For purposes of these statutes, a homestead is the one primary residence of a person, and no other exemption can be claimed on any other property anywhere, even outside the boundaries of the jurisdiction where the exemption is claimed.
In some states, homestead protection is automatic. In many states, however, the homeowner must file a claim for homestead exemption with the state, and will not receive the protections of the law until this has been done. Furthermore, the protection can be lost if the homeowner abandons the protected property by taking up primary residence elsewhere.
Read more about this topic: Homestead Exemption
Famous quotes containing the word features:
““It looks as if
Some pallid thing had squashed its features flat
And its eyes shut with overeagerness
To see what people found so interesting
In one another, and had gone to sleep
Of its own stupid lack of understanding,
Or broken its white neck of mushroom stuff
Short off, and died against the windowpane.””
—Robert Frost (1874–1963)
“Each reader discovers for himself that, with respect to the simpler features of nature, succeeding poets have done little else than copy his similes.”
—Henry David Thoreau (1817–1862)
“It is a tribute to the peculiar horror of contemporary life that it makes the worst features of earlier times—the stupefaction of the masses, the obsessed and driven lives of the bourgeoisie—seem attractive by comparison.”
—Christopher Lasch (b. 1932)