What does "Homestead property" mean??

Question

What does "Homestead property" mean??

Answer 1

The property where you live the majority of the time as opposed to a vacation home or an investment property.

Answer 2

depending on whether your talking about taxes or just general terms, as far as property taxes are concerned then homestead means a primary residence that you own or are buying, homestead property taxes are about a third of what property taxes are on property that you rent out or do not use as your primary residence.