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.
