A person’s primary residence is where they usually live, in most cases a house or a condo. A person can only have one primary residence at any given time, One of the benefit of your primary residence is Homestead Exemption.
Homestead Exemption
Some State like Florida allows Florida homeowners to claim up to a $50,000 Homestead Exemption on their primary residence. This is a this tax-saving exemption on the first and third $25,000 of the assessed value of an owner/occupied residence
The homestead exemption is a framework of legal rules to protect the value of the homes of residents from property taxes, creditors, and condition connected with the death of the homeowner spouse. Many of the states in the United States constitute such laws. These laws are embedded in the statutes or the constitution. These laws were made in response to the consequences of that the 19th-century economy.