Definition: A term used to describe three separate but related situations: 1) a tax exemption, 2) a tract of land limited in size, and 3) a statutory condition designed to protect the interests of a spouse and lineal descendants.
Pronunciation: \ˈhōm-ˌsted, -stid\
Used in a Sentence: Since we had a homestead exemption on our house we were able to reduce the amount of property taxes owed.
How do you earn bigger commissions in real estate? In this week's episode of State of Real Estate, you'll learn the secrets to earning bigger real estate commissions. Join us...
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