Amends TCA Title 26, Chapter 2, Part 3 and Title 30, Chapter 2, Part 2.
Generally, present law establishes a homestead exemption in the amount of $35,000 on real property that is owned by an individual and used by the individual or the individual's spouse or dependent, as a principal place of residence. However, the amount of a homestead that a surviving spouse or minor children may claim in an estate in land is $5,000. This bill increases the amount of a homestead that a surviving spouse or minor children may claim in an estate in land to $35,000.
Generally, present law establishes a homestead exemption in the amount of $35,000 on real property that is owned by an individual and used by the individual or the individual's spouse or dependent, as a principal place of residence. However, the amount of a homestead that a surviving spouse or minor children may claim in an estate in land is $5,000. This bill increases the amount of a homestead that a surviving spouse or minor children may claim in an estate in land to $35,000.
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