For any quantity of land not exceeding 160 acres, or, if within the laid out or platted portion of a city, not exceeding ½ acre, the Homestead exemption may not exceed $200,000, whether jointly or individually. If used primarily for agricultural purposes the exemption is $500,000 (with some limitations). To view this statute, please click here.
On July 1 of each even-numbered year, based on the percentage of change between the index for December of the preceding year and the reference base index is 10% or more, the Homestead exemption may be adjusted. To view this statute, please click here.