Homestead Application Requirements In Utah
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Homestead Statutes in Utah Code SectionUtah Code 78B-5-501, et seq.: Utah Exemptions Act Max. Property Value That May Be Designated 'Homestead' $5,000 if property is not primary personal residence, $20,000 if property is primary personal residence Maximum Acreage (Urban) - Maximum Acreage (Rural)
Exempt property is property that is protected from the reach of creditors and even bankruptcy trustees. For example, if you live in a home you own in Utah , each owner is entitled to a $30,000 homestead exemption. A husband and wife could exempt up to $60,000 in equity.
A decedent's surviving spouse is entitled to a homestead allowance of $22,500. If there is no surviving spouse, each minor child and each dependent child of the decedent is entitled to a homestead allowance amounting to $22,500 divided by the number of minor and dependent children of the decedent.
You may be eligible for the primary residential exemption if you occupy your home for 183 consecutive days or more in a calendar year. The exemption applies to your house and up to one acre of land. Apartments, condos and mobile homes also qualify.
Homestead tax exemptions usually offer a fixed discount on taxes, such as exempting the first $50,000 of the assessed value with the remainder taxed at the normal rate. With a $50,000 homestead exemption, a home valued at $150,000 would be taxed on only $100,000 of assessed value.
You may be eligible for the primary residential exemption if you occupy your home for 183 consecutive days or more in a calendar year. The exemption applies to your house and up to one acre of land. Apartments, condos and mobile homes also qualify.
