homestead exemption

noun

Legal Definition of homestead exemption 

: an exemption from liability that prevents creditors from obtaining satisfaction from a debtor's homestead — see also declaration of homestead at declaration sense 4

Note: The laws governing the homestead exemption vary greatly from state to state. Most states have limits on the amount for which a debtor is exempted, but a few have no limits at all. Others have limits that are dependent on the size of the property, the type of property, or the age of the property owner.

Learn More about homestead exemption

Share homestead exemption

Comments on homestead exemption

What made you want to look up homestead exemption? Please tell us where you read or heard it (including the quote, if possible).

WORD OF THE DAY

a private place of worship

Get Word of the Day daily email!

Test Your Vocabulary

Difficult Vocab Quiz

  • the-education-of-achilles-eugne-delacroix
  • Which is a synonym of discomfit?
How Strong Is Your Vocabulary?

Test your vocabulary with our 10-question quiz!

TAKE THE QUIZ
Word Winder's CrossWinder

Test Your Knowledge - and learn some interesting things along the way.

TAKE THE QUIZ

Love words? Need even more definitions?

Subscribe to America's largest dictionary and get thousands more definitions and advanced search—ad free!