HB1598 - Tennessee - Garnishments And Executions, Homestead Exemptions

Companion Bill SB0383. Homestead Exemptions - Increases homestead exemption for persons who have minor children in their custody. - Amends TCA Title 26, Chapter 2, Part 3. Fiscal Summary for HB1598 / *SB0383 Decrease State Revenues - Exceeds $10,000 Decrease Local Govt. Revenues - Exceeds $10,000 Bill Summary for HB1598 / *SB0383 Under present law garnishment provisions, an individual is entitled to a homestead exemption upon real property that is owned by the individual and used by the individual, the individual's spouse, or the individual's dependent as a principal place of residence. The amount of the exemption is: (1) $5,000 for an individual, provided that individuals who jointly own and use real property as their principal place of residence are entitled to homestead exemptions, the aggregate value of which exemptions combined [...]

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