The Bobcat Nation

We are mulling over homesteading our home/property. BAC can probably confirm but I believe we have a homeowners exemption here of $7500. It should be paid off the end of August when Patti retires. Are there any tax benefits that go with a homestead.
In the event of a catastrophic health issue it exempts them from taking everything you have. IS that correct? I thought I have heard that the irs does not play by those rules. Are there any special advantages?
Thanks.

I'm not sure I'm familiar with what you are talking about. The only thing in that same ballpark I have heard of is a homestead exemption in the event that one goes bankrupt, where they are not allowed to take your primary residence. I'm not sure if that is a state-by-state thing or if that changed with the federal bankruptcy reforms a few years back.