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Increase Statutory Homestead Exemption (HB 1058)

October 1, 2009
Mortgage Lending
Bill Law

Full Session Law

This act, which became effective October 1, 2009, increased the amount of home equity protected against creditors. This "homestead exemption" was raised from $18,500 to $35,000 per individual. Since the exempted amount is per individual, $70,000 is protected for a married couple. For homeowners aged 65 or older who previously owned the home with their deceased spouse, $60,000 is exempted.