What is Homestead Exemption?

Legal Definition
The homestead exemption is a legal regime designed to protect the value of the homes of residents from property taxes, creditors, and circumstances arising from the death of the homeowner spouse. Laws are found in state statutes or constitutional provisions which exist in many states in the United States. The homestead exemption in certain southern states has its legal origins in colonial Spanish exemption laws. Exemption laws in other states were enacted in response to the effects of economic depressions in the 19th century.
-- Wikipedia
Legal Definition
The part of a home's value that is exempt from taxes. It reduces the tax burden on the tax payer. It is only for primary residence.