The homestead exemption is a legal regime to protect the value of the homes of residents from property taxes, creditors, and circumstances that arise from the death of the homeowner's spouse, disability, or other situations.
[citation needed] Different jurisdictions provide different degrees of protection under homestead exemption laws.
California provides a homestead exemption of between $300,000 and $600,000, no greater than the amount of the prior year countywide median sale price of a single-family home, both values adjusted annually for inflation,[1] as a result of legislation enacted in 2023.
Most homestead exemptions cover the land including fixtures and improvements to it, such as buildings, timber, and landscaping.
[citation needed] A homestead exemption is most often on only a fixed monetary amount, such as the first $50,000 of the assessed value.