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A '''homestead exemption''' is a provision of law which generally serves two main purposes.
A '''homestead exemption''' is a provision of law which generally serves two main purposes.
The first purpose is to exempt a family home from forced sale by creditors, other than the mortgage holder or holder of a "mechanic's lien" (a person who performs work on a home, such as a company who remodeled the kitchen).
The first purpose is to exempt a family home from forced sale by creditors, other than the mortgage holder, holder of a "mechanic's lien" (a person who performs work on a home, such as a company who remodeled the kitchen), or a taxing authority for unpaid property tax.
The second purpose is to provide a tax break on the appraised value of the home, in order to lower [[property tax]]es.
The second purpose is to provide a tax break on the appraised value of the home, in order to lower [[property tax]]es.