What is the difference between Homestead Exemption and Homestead Declaration?
Homestead Exemption is when you are allowed a determined dollar amount off of your tax assessment by and from the particular state and/or county your homestead is located. The state’s homestead tax exemption is not a constitutional right. The tax exemption is also incorrectly referred to in many other ways by unknowledgeable realtors, brokers, attorneys and homeowners. ‘Homestead Exemption’ also, albeit incorrectly, sometimes refers to asset protection of a home or of real property as previously mentioned. Your home probably qualifies for a ‘Homestead Exemption’, which is related to ad valorem property taxes and assessments (Real Estate Property Taxes) which does not fully protect your home and real property from lawsuits, judgments or creditors. Homestead protection is not as ‘automatic’ as most people widely and commonly assume. The adage that ‘they can’t take your house’ does not always ring true. In fact, it happens more today in the US than it did during the Depression. Homestead
