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What is a Homestead Exemption?

Kayla McVey
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The Homestead Exemption is a form of tax relief put in place by each state that not only protects the homeowner and their family from creditors in the event of death and bankruptcy but also drastically lessens the taxable value of the owner’s primary residence. This does not mean the home is fully exempt from being foreclosed upon in the event of default payments. The amount varies by each state from percentages and flat values – there are also demographic-based homestead exemptions for seniors, veterans, widows, and disabled people. 

We have listed each law for you! This doesn’t mean that the law isn’t subject to change yearly. Please do your own research to make sure the law listed is up-to-date. This can be used to compare which states you’re most interested in homesteading in or to see what the parameters are in your own state. Some links have both laws listed and take you to the forms to apply. 

Based upon what I have read, most exemptions primarily apply to people 65 and older or those that are permanently disabled. However, it never hurts to look into your state’s exemptions yearly. If you don’t qualify for your state’s homestead exemption, there may be other exemptions you’re eligible for based upon specific demographics like age or race. 

Now that we’ve answered “What is a Homestead Exemption?” you may have more questions. We have a wide variety of articles available to you, along with a public Facebook group that we would love for you to join! We regularly post recipes, how-to guides, parenting advice, and more.

Our plans for The Homesteader’s Chronicle Facebook page is to be a valuable resource that can be easily shared and accessed. That’s where you come in! Posting questions or sharing your own homesteading journey gives the group the opportunity to grow and attract more members. We love it when our followers join in on the conversation, and it makes our days so much brighter when we see you guys get excited about things we share. Thank you for supporting us this far, and we are so excited to see what 2024 has in store for us! 

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