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Homestead refers to a tract of land, including the house, that is owned that occupied by a household that also serves as the permanent residence.
Different states can have very different definitions of exactly what homestead entails.
This is important as it serves as the basis of protection that is granted against creditors and property taxes.
The objective of such legislation is to protect families from eviction action taken by capitalistic business people.
However, sometimes protection against judgments can only be up to a stipulated amount.
Homestead is a word that can also apply to the rights of a widow to use real property in their lifetime.
It must be noted that homestead rights can be terminated by abandonment, released by both husband and wife, etc.
Homestead estate refers to real estate protected by homestead laws.
And homestead exemption enables an owner to receive rebates on property value for calculating property tax.