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The Ultimate Homestead Tax Exemption Quiz
by Staff
Homestead laws can protect you from being forced to sell your beloved family home in times of financial hardship. Take our quiz and learn how a homestead exemption can protect your loved ones in times of trouble.

What is a homestead?

  • a primary residence
  • a prairie cabin
  • a country mansion

Exemptions from property tax are called:

  • real estate exemptions
  • homestead exemptions
  • property tax exemptions

The homestead exemption may save a primary residence from _____sale.

  • forced
  • premature
  • bank

The homestead exemption may protect a primary residence in the case of:

  • foreclosure
  • bankruptcy
  • fire

Homestead exemption rates _____from one state to another.

  • are the same
  • are fairer
  • vary

_____ has no maximum dollar amount on its homestead exemption.

  • Florida
  • Massachusetts
  • New Jersey

Which United States law was passed to prevent abuse of the homestead exemption system?

  • The Foreclosure Prevention and Consumer Protection Act
  • The Abuse Prevention and Consumer Protection Act
  • The Bankruptcy Prevention and Consumer Protection Act

The Bankruptcy Prevention and Consumer Protection Act of 2005 set a______limit on state homestead exemptions.

  • 125000
  • 500000
  • 1000000

Does the federal government set a bankruptcy exemption amount on your home?

  • yes
  • no
  • sometimes

To get the most from the homestead law in your state, you may want to consult:

  • a tax attorney
  • an Internal Revenue Service agent
  • a bank law expert