The real property or manufactured home which serves as an individual’s principal residence upon filing a declaration of homestead shall be protected. A principal residence is considered to be the primary dwelling where an owner, and their family if applicable, reside or intend to reside. The declared estate of homestead shall protect against attachment, seizure, execution on judgment, levy or sale for the payment of debts to the extent of five hundred thousand dollars ($500,000) per residence, per family.
Real property or manufactured homes must serve as an individual’s principal residence and each individual filing as either elderly or disabled will be eligible for protection up to a maximum amount of five hundred thousand dollars ($500,000) regardless of whether such declaration is filed individually or jointly with one another. Elderly persons, regardless of marital status, will be personally exempt up to five hundred thousand dollars ($500,000) each. If two (2) owners qualify for the elderly or disabled homestead protection, the aggregate protection on the home shall be one million dollars ($1,000,000).
Take note, each elderly or disabled homestead protection shall terminate upon the person’s death. If there are multiple owners and only one qualifies for an elderly or disabled homestead protection, it may be advisable to file one homestead declaration per owner in order to protect the family’s right to use, occupy and enjoy the home.