What is the Virginia “Homestead Exemption?
” A. Under Virginia law, each individual is entitled to keep up to $5,000 in either real estate or personal property. Property already protected by other exemptions like household goods, clothes, wedding and engagement rings, $2,000 equity in a vehicle does NOT count towards your homestead exemption. May people shelter the equity in their home, their tax refund, mobile home, a second car, cash, investments and other property that doesn’t qualify under another exemption. Married parties filing together may keep $10,000 under the homestead exemption. You also get another $500 exemption for each dependent. Q. In Virginia, do you mean that I get to keep $5,000 in household goods, $2,000 equity in a vehicle AND another $5,000 under the Homestead Exemption? A. Yes. Q. Can I keep any family heirlooms? A. VIRGINIA. Yes. Virginia has a special law that allows you to keep family heirlooms up to a value of $5,000 if they came from at least as far back as a grandparent. Q. Can I keep my wedding an
