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.

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