Homestead
Limitations
The homestead is a back-up and a type of insurance against unexpected catastrophe; it will not ordinarily protect you from a bad business deal or from ordinary bankruptcy. Nonetheless, because an unscrupulous person could manipulate the homestead protections as a shield from living up to his legal obligations, there is much case law on homesteads. Indeed, ordinary business and commercial creditors ordinarily may penetrate property set aside as homestead.
Table 42: Homestead
| State | Code Section | Maximum Value Of Property | Maximum Acreage (Urban) | Maximum Acreage (Rural) |
| ALABAMA | §6-10-2; Const. Art. X, §205 | Const.: $2,000; Stat.: $5,000 | Const.: Lot Stat.: Lot or track | Const.: 80 acres; Stat.: 160 acres |
| ALASKA | 09.38.010 | $54,000 | ||
| ARIZONA | 33-1101 | $100,000 | ||
| ARKANSAS | 16-66-210; Const. Art. IX, §4, §5 | $2,500. All homesteads less than $1,000 assessed valuation are exempt from all state taxes referred to in art. XVI, §18 of Ark. Constitution. If homestead's value exceeds $1,000, exemption shall apply to first $1,000 of valuation (CONST. amend. XXII §1). | 1 acre but not less than ¼ acre | Cannot exceed 160 acres, will not be reduced to less than 80 acres. |
| CALIFORNIA | Civ. Proc. §704.710, et seq. For money judgments | $150,000 if either spouse is over 65 or disabled and unable to engage in substantial employment; $150,000 if person is 55 or older with gross income of not more than $15,000 or if married not more than $20,000 and sale is involuntary; $75,000 if debtor or spouse resides in house with at least one member of the family with no interest in the homestead; $50,000 for all others | ||
| COLORADO | 38-41-201 | $45,000 | No limits to acreage | No limits to acreage |
| CONNECTICUT | 12-81(21) |
$10,000 if disabled veteran; only $5,000 exemption if loss the use of one arm or one leg; $3,000 maximum income if unmarried and over 65; $5,000 maximum income if married and over 65; $6,000 maximum income for all others--combined adjusted gross income and tax exempt interest |
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| DELAWARE | Tit. 10 §4902 (personal property); Tit. 22 §1002 |
$75 trade, business in New Castle, Sussex County; $50 trade, business in Kent County; homestead exemption for persons 65 and older to be determined by local ordinance |
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| DISTRICT OF COLUMBIA | 15-501 (personal property) | $2,575 automobile interest, household items up to $8,625, family pictures not in excess of $400 | ||
| FLORIDA | §196.031; Const. Art. X, §4 |
$10,000 if person is over 65; $9,500 if totally disabled and is a permanent resident for 5 consecutive years prior to claim; $25,000 for taxes levied by governing bodies of school districts; $5,000 for all others |
½ acre | 160 acres |
| GEORGIA | 44-13-1 | $5,000 |
Table 42: Homestead—Continued
| State | Code Section | Maximum Value Of Property | Maximum Acreage (Urban) | Maximum Acreage (Rural) |
| HAWAII | 651-92 | $30,000 if head of family or 65 years old; $20,000 for all others | ||
| IDAHO | 55-1001, 1003 | Lesser of $50,000 or total net value of lands, mobile home, or improvements. Net value means market value minus all liens and encumbrances. | ||
| ILLINOIS | 735 ILCS 5/12-901 | $7,500, if 2 or more own property, value of each proportional exemption can't exceed a total of $15,000 | ||
| INDIANA | 34-55-10-2 |
$7,500 for residential; $4,000 for other real estate or tangible personal property; $100 for intangible personal property; total value of property may not exceed $10,000 |
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| IOWA | 561.1, et seq. | $500 | ½ acre | 40 acres |
| KANSAS | 60-2301, 2304 | $1,000 in ornaments, $20,000 in transportation, $7,500 in trade tools | 1 acre | 160 acres |
| KENTUCKY | 427.010, .080 | $5,000 plus $3,000 in any personal property | ||
| LOUISIANA | Const. Art. VII, §20 | $7,500 | 160 acres | 160 acres |
| MAINE | Tit. 14 §4422 | Aggregate interest not to exceed $35,000 (or $70,000 if have minor dependents) including exemptions for car, clothing, furniture, jewelry, and tools of the trade. $70,000 if debtor or dependent is either 60 or older, disabled, or unable to engage in gainful employment | ||
| MARYLAND | Cts. & Jud. Proc. §11-504 | $3,000 plus an additional $2,500 in a Title 11 bankruptcy in value, in real property, or personal property | ||
| MASSACHUSETTS | Ch. 188 §1, 1A | $300,000 | ||
| MICHIGAN | 600.6023 | $3,500 realty, $1,000 trade tools | Lot | 40 acres |
| MINNESOTA | 510.01, et seq. | $200,000, or if primarily agricultural, $500,000 | ½ acre | 160 acres |
| MISSISSIPPI | 85-3-21 | $75,000 | 160 acres | 160 acres |
| MISSOURI | 513.475 | $15,000 | ||
| MONTANA | 70-32-101, 104 | $100,000 | ||
| NEBRASKA | 77-3502 (taxation); 40-101 (judgments) | $12,500 | 1 acre; 2 lots | 160 acres |
| NEVADA | 115.010 | $200,000 | ||
| NEW HAMPSHIRE | 480: 1 | $50,000 |
Table 42: Homestead—Continued
| State | Code Section | Maximum Value Of Property | Maximum Acreage (Urban) | Maximum Acreage (Rural) |
| NEW JERSEY | 54: 4-8.57, et seq.; 2A: 17-19 personal property |
$1,000 personal property; Homeowner, $150 min. rebate if income is less than $70,000; min. is $100 if income is between $70,000 and $100,000 Renter, $65 min. rebate if income is less than $70,000; min. is $35 if income is between $70,000 and $100,000 |
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| NEW MEXICO | 42-10-1, 9, 10 | $30,000 or in lieu thereof, $2,000 in any property; $500 for personal property | ||
| NEW YORK | Civ. Prac. L. & R. §5206 | $10,000 | ||
| NORTH CAROLINA | Const. Art. X, §2 | $1,000 | ||
| NORTH DAKOTA | 47-18-01 | $80,000 | ||
| OHIO | 2329.66 | $5,000 | ||
| OKLAHOMA | Tit. 31 §2 | 1 acre | 160 acres | |
| OREGON | 23.240, 23.250 | $25,000 or $33,000 if more than one debtor is subject to liability | 1 block | 160 acres |
| PENNSYLVANIA | Tit. 42 §8123; Tit. 72 §4751-3 | $300 monetary exemption from judgment only; for senior citizens, a formula based on a sliding scale of income up to $15,000 | ||
| RHODE ISLAND | 9-26-4, 4.1 | $1,200 for tools, $8,600 for furniture, $300 for books, $10,000 for motor vehicles; $150,000 in real property | ||
| SOUTH CAROLINA | 15-41-30 | $5,000 up to a maximum of $10,000 if there are multiple exemptions on same living unit; various kinds of personal property | ||
| SOUTH DAKOTA | 43-31-4 | 1 acre; mineral lands: 1 acre | 160 acres; mineral lands: 40 acres placer claim; 5 acres lode mining | |
| TENNESSEE | 26-2-301 | $5,000 or $7,500 if more than one debtor is subject to liability | ||
| TEXAS | Const. Art. XVI, §51 | 10 acres | 200 acres | |
| UTAH | 78-23-3 | $5,000 if property is not primary personal residence, $20,000 if property is primary personal residence | ||
| VERMONT | Tit. 27 §101 | $75,000 | ||
| VIRGINIA | 34-4 | $5,000 plus if support dependent, then $500 for each dependent | ||
| WASHINGTON | 6.13.010, 030 | Choice of $40,000 in real property or $15,000 in personal property | ||
| WEST VIRGINIA | §38-9-1; Const. Art. VI, §48 | $5,000 in real property and $1,000 in personal property |
Table 42: Homestead—Continued
| State | Code Section | Maximum Value Of Property | Maximum Acreage (Urban) | Maximum Acreage (Rural) |
| WISCONSIN | 815.20; 990.01 (14) | $40,000 | Not less than ¼ acre or more than 40 acres | Same as urban |
| WYOMING | 1-20-101 | $10,000 |
Additional topics
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