Explaining Homestead Exemptions

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Explaining Homestead Exemptions

• Dunhill Homes

2
What They Are

• The term homestead exemption provides a big
  hint regarding its definition a homestead
  (meaning ones primary residence) that is
• Homestead exemptions can protect a homeowners
  primary residence if certain financial hardships
  were to emerge

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State Guidelines Vary

• In 2005, the U.S. government passed the
  Bankruptcy Prevention and Consumer Protection Act
  Income of All Borrowers
• If a home is worth more than the homestead
  exemption, creditors may have the power to force
  homeowners to sell the home, in which case,
  debtors would receive only the dollar-amount of
  the exemption
• Property-tax relief is, also, possible through
  homestead exemptions where a determined amount or
  percentage of the homestead is tax-exempt
• A homestead exemption may be removed by the state
  if it is discovered that the home is not the
  primary

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• Thank you
• See more at http//www.dunhillhomes.com/blog/expl
  aining-homestead-exemptions/