Exemption Planning and the Homestead Exemption

by Ryan Fowler

 

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1 Ryan Fowler December 9, 2010 at 11:40 pm

Hi Jeffrey,

Looks like it’s $60,000 that may be doubled to $120,000 in the case of joint ownership. Here’s the statute:

42-10-9. Homestead exemption.

Each person shall have exempt a homestead in a dwelling house and land occupied by the person or in a dwelling house occupied by the person although the dwelling is on land owned by another, provided that the dwelling is owned, leased or being purchased by the person claiming the exemption. Such a person has a homestead of sixty thousand dollars ($60,000) exempt from attachment, execution or foreclosure by a judgment creditor and from any proceeding of receivers or trustees in insolvency proceedings and from executors or administrators in probate. If the homestead is owned jointly by two persons, each joint owner is entitled to an exemption of sixty thousand dollars ($60,000).

Regards,

Ryan Fowler

2 Jeffrey Hoogenboom December 4, 2010 at 11:53 pm

Ryan, I am seeking clarification on the NM Homestead Exemption. You stated $60,000. I’ve often seen $30,000, whereas others indicate $60,000 with the note (joint owners may double) N.M. Stat. Ann. § 42-10-9, Could you please verify?

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