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Property tax exemption. A homestead exemption is most often on only a fixed monetary amount, such as the first $50,000 of the assessed value. The remainder is taxed at the normal rate. A home valued at $150,000 would then be taxed on only $100,000 and a home valued at $75,000 would then be taxed on only $25,000.
Other states, such as Arizona, are more strict and may exempt only $150 in a checking account comparatively speaking. Even further, other states have more moderate policies, with California's homestead exemption law providing between $300,000 to $600,000 of exempt equity in a homestead, depending on the county where the debtor is located. [2]
Mason County. Mason County is a county in the U.S. state of Illinois. According to the 2020 census, it had a population of 13,086. [1] Its county seat is Havana. [2] The county is named in honor of George Mason, a member of the Virginia legislature who campaigned for the adoption of the United States Bill of Rights.
Beyond the property tax exemption, many states implement a homestead exemption as a form of creditor protection. The homestead exemption makes a primary home a shielded asset so that if homeowners ...
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The Homestead Acts were several laws in the United States by which an applicant could acquire ownership of government land or the public domain, typically called a homestead. In all, more than 160 million acres (650 thousand km 2; 250 thousand sq mi) of public land, or nearly 10 percent of the total area of the United States, were given away free.
UTC-6 (CST) • Summer (DST) UTC-5 (CDT) FIPS code. 17-125-47482. Mason City Township is located in Mason County, Illinois, United States. As of the 2010 census, its population was 2,633 and it contained 1,220 housing units. [2]