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What is the Homestead Exemption? - Definition & Importance

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is a homestead?

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1. The assessed value of a home is generally determined by:

2. What is the difference between the market value and the assessed value of a home?

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About This Quiz & Worksheet

Your awareness of a homestead exemption might have an effect on your quality of life. This quiz/worksheet combo touch on topics such as assessed value and primary residence.

Quiz & Worksheet Goals

You can use these assessments to measure your knowledge of the following:

  • Determination of assessed value
  • Definition of a homestead
  • Homestead exemption basis
  • Definition of a primary residence
  • Market value and assessed value

Skills Practiced

This worksheet and quiz provide the occasion for you to practice the following skills:

  • Reading comprehension - certify that you've gleaned the most important points from the related homestead exemption lesson
  • Distinguishing differences - contrast and compare terms from the lesson, such as assessed and market value
  • Interpreting information - verify that you can read information about the reason for and advantage of a homestead exemption and interpret it correctly

Additional Learning

To learn more about various aspects of a homestead exemption, review the accompanying lesson entitled What is the Homestead Exemption? - Definition & Importance. The lesson considers the following objectives:

  • Comment on what might be included in a homestead
  • Explain what laws homestead exemptions may be subject to
  • Discuss creditor rights
  • Cite ways in which creditors might seek to enforce a judgment rendered in their favor
  • Indicate to whom homestead exemptions are available
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