REFERENCE TITLE: homestead exemption; amount

State of Arizona Senate Forty-ninth Legislature Second Regular Session 2010

SB 1127

Introduced by Senator Melvin

 

AN ACT

 

amending section 33-1101, Arizona Revised Statutes; relating to homestead exemptions.

 

 

(TEXT OF BILL BEGINS ON NEXT PAGE)

 

Be it enacted by the Legislature of the State of Arizona:

Section 1.  Section 33-1101, Arizona Revised Statutes, is amended to read:

START_STATUTE33-1101.  Homestead exemptions; persons entitled to hold homesteads

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,  the full equity value not exceeding one five hundred fifty thousand dollars in value, any one of the following:

1.  The person's interest in real property in one compact body upon on 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 on 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 five 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. END_STATUTE

Sec. 2.  Applicability

The increase in the amount of the homestead exemption prescribed by section 33-1101, Arizona Revised Statutes, as amended by this act, applies on the effective date of this act:

1.  To any recorded and otherwise valid claim of homestead, whether recorded before or after the effective date of this act, against any creditor who attempts to enforce a judgment or lien on or after the effective date of this act.

2.  To any homestead exemption that is claimed by operation of law pursuant to section 33-1102, Arizona Revised Statutes, against any creditor who attempts to enforce a judgment or lien on or after the effective date of this act.