What is the maximum homestead exemption amount in Montana?
Correct Answer
B) $250,000
Under Montana Code Annotated § 70-32-104, the homestead exemption protects up to $250,000 of equity in a qualifying owner-occupied residence from unsecured creditor claims. The homestead must be declared in writing and recorded with the county clerk and recorder.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
Community property is a system where property acquired during a marriage is owned equally by both spouses.
A freehold estate represents ownership of real property with an indefinite duration.
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