Real property used as a principal place of residence by an individual or an individual’s spouse or dependents has an aggregate exemption valued at $5,000.  Individuals owning the property jointly and using it as a principal place of residence are entitled to an aggregate exemption of $7,500; if only one of the joint owners are claiming the exemption, the exemption will be limited to $5,000.  These benefits inure to the surviving spouse and minor children claiming the property as a principal residence.  To view this statute, click here.

If you are 62 years of age or older you are entitled to an exemption not exceeding $12,500 if used as a principal place of residence.  To view this statute, click here.

If married and one spouse is 62 years of age and one spouse is younger than 62, the exemption is $20,000 for real property owned by one or both of the parties; the property must be used by both as a principal place of residence. To view this statute, click here.

If married and both individuals are 62 years of age or older, the exemption is $25,000 for real property owned by one or both of the parties; the property must be used by both as a principal place of residence.  To view this statute, click here.

Insurance proceeds from damage to the homestead by fire or other disaster shall be exempt in an amount not exceeding $5,000.  To see this statute, click here.