What is a homestead?
A homestead is a plot of land where a person or family lives, typically used for farming or other self-sustaining purposes.
Do I need to own my own home to have a homestead?
No, a homestead can also be a rented property, as long as it is used for self-sufficient living and not solely for commercial purposes.
Are there any tax benefits to having a homestead?
Yes, many states offer tax exemptions or reductions for homestead properties, as they are considered essential for basic living needs.
