Under the Arkansas constitutional homestead exemption, which of the following statements is NOT accurate?
Correct Answer
A) The homestead exemption caps the protected value at $500,000 regardless of urban or rural classification
The Arkansas constitutional homestead exemption (Ark. Const. Art. 9, §§ 3–6) places NO dollar value cap on the protected homestead. A homeowner in Arkansas can have a primary residence worth any amount — $200,000, $1 million, or more — and the full value is protected from creditor claims as long as the property does not exceed the applicable acreage limit. The $500,000 cap stated in option C does not exist under Arkansas law and is therefore the inaccurate statement.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
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