Homestead Exemption

The Homestead Exemption is a legal provision that allows homeowners to protect a portion of their property's value from property taxes and creditors. It typically reduces the home's assessed value, thereby lowering the property tax burden. Additionally, it can safeguard the home from certain legal claims, providing financial security to homeowners. Eligibility often requires that the property be your primary residence. The specifics can vary by state, including the amount of exemption and the application process, but the main goal is to help individuals maintain their homes and financial stability.