The fat homestead exemption, he notes, is an invitation to corruption.

But the compromise bill requires these people to live in the adopted state for at least two years before they can claim the homestead exemption.

Nearly all jurisdictions provide a homestead exemption reducing the value, and thus tax, of an individual's home.

However, if a homestead exemption is claimed, they may not also keep savings.

Some states have what are called "homestead exemptions," but they do not usually cover the full value of the house.

A homestead exemption is most often only on a fixed monetary amount, such as the first 50,000 dollars of the assessed value.

It was the commission's report that led to last fall's debate about homestead exemptions.

The measure adopted today would restrict, but not eliminate, the homestead exemption.

Florida, moreover, is one of the states with homestead exemptions.

Earlier this year, for example, a bill to limit the homestead exemption to $250,000 was defeated.