Q:

What are homesteading laws?

A:

Quick Answer

As of August 2014, homesteading laws refer to exemptions to bankruptcies, and each state varies homesteading exemptions for Chapter 7 and Chapter 13 bankruptcy protection, according to NOLO. A homestead exemption may allow some debtors to make lower repayments by lowering the value of a home's equity if the property meets certain standards.

Know More

Full Answer

In California, homesteading laws work in two ways. Homeowners can declare a homestead, and laws provide for an automatic homestead exemption. Automatic exemptions occur when property owners live in the home continuously from the time a property lien was placed on the property up until the time the court determines the property is exempt, according to Sedgwick Law. As of January 2010, residents must prove the house is the principle dwelling of the owner to declare a homestead in California.

Florida's homestead exemption applies to property taxes. Owners can deduct the first $25,000 of assessed property value from property tax valuations, which can save taxpayers hundreds of dollars per year. If a home is worth at least $75,000, homeowners may deduct another $25,000 in valuation, according to the Broward County Property Appraiser's office in 2014.

Homesteading originally referred to settlers who were given free land in states outside the original 13 colonies, provided they farmed the land and produced crops. Homesteading ended in 1976, with the exception of Alaska where homesteading ended in 1986.

Learn more about Real Estate

Related Questions

  • Q:

    How do real estate agents use the history of a home's previous owners?

    A:

    A licensedrealtor uses the history of a home's previous owner to the extent as it pertains to the sale of a home in accordance with the state's required disclosure laws, according to the Nolo law website. Disclosures required by law addressissues that can affect the property's value or desirability.

    Full Answer >
    Filed Under:
  • Q:

    What are some common tenants' rights?

    A:

    While landlord-tenant laws vary from state to state in the United States, there are certain federal regulations that apply in every state, including anti-discrimination laws that give tenants rights associated with and protecting against landlord discrimination based on their age, gender, religion, race and nationality, reports FindLaw. Disabled tenants also have certain rights in every state, including anti-discrimination rights, which means a landlord cannot deny a disabled prospective tenant's application solely based on the disability itself. Landlords in every state are also prohibited from making different sets of tenancy rules for people in a protected class.

    Full Answer >
    Filed Under:
  • Q:

    How late should rent be before giving a three-day notice to vacate?

    A:

    While the laws regarding the three-day notice differ by state, in Florida, a property owner can deliver the notice if the rent is one day late. The owner has the option of hand delivering the notice or sending it by regular or certified mail.

    Full Answer >
    Filed Under:
  • Q:

    How long does a sheriff's eviction take?

    A:

    Specific eviction laws vary by state. In general, the process of eviction can take anywhere from five weeks to three months after the notice period ends. If the tenant is fighting the eviction legally, it can often take much longer.

    Full Answer >
    Filed Under:

Explore