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The homestead exemption is a legal regime to protect the value of the homes of residents from property taxes, creditors, and circumstances that arise from the death of the homeowner's spouse, disability, or other situations.
This type of tax exemption shields homeowners from excessive amounts of property tax.
The property tax exemption clause of Article VI renders property tax-free to the extent of certain dollar amounts in the value of the homestead. The definition of a homestead is not necessarily co-extensive for Article X, Section 4(a)-(c) exemption purposes (exemption from creditors and restrictions on descent and distribution) and Article VI ...
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State exemptions vary from strict to generous. For example, Texas is more lenient in allowing your homestead and up to $60,000 in personal property. [1] Texas also exempts certain investments and insurance policies. Other states, such as Arizona, are more strict and may exempt only $150 in a checking account comparatively speaking.
Meanwhile, the Senate wants to lower school property taxes and increase the state’s $40,000 homestead exemption. Texas residents older than 65 can qualify for an additional $10,000.