A. Any person the age of eighteen or over, married or single,
who resides within the state may hold as a homestead exempt from
attachment, execution and forced sale, not exceeding one hundred fifty
thousand dollars in value, any one of the following:
1. The person's interest in real property in one compact body
upon which exists a dwelling house in which the person resides.
2. The person's interest in one condominium or cooperative in
which the person resides.
3. A mobile home in which the person resides.
4. A mobile home in which the person resides plus the land
upon which that mobile home is located.
B. Only one homestead exemption may be held by a married couple
or a single person under this section. The value as specified in this
section refers to the equity of a single person or married couple. If a
married couple lived together in a dwelling house, a condominium or
cooperative, a mobile home or a mobile home plus land on which the
mobile home is located and are then divorced, the total exemption
allowed for that residence to either or both persons shall not exceed
one hundred fifty thousand dollars in value.
C. The homestead exemption, not exceeding the value provided
for in subsection A, automatically attaches to the person's interest in
identifiable cash proceeds from the voluntary or involuntary sale of the
property. The homestead exemption in identifiable cash proceeds
continues for eighteen months after the date of the sale of the property
or until the person establishes a new homestead with the proceeds,
whichever period is shorter. Only one homestead exemption at a time may
be held by a person under this section.
§ 33-1101 amended effective August 25, 2004, to increase exemption
from $100,000 to $150,000. Text current through August 25, 2004.