Tennessee § 26-2-301 - Basic exemption.

§ 26-2-301. Basic exemption.

An individual, whether a head of family or not, shall be entitled to a homestead exemption upon real property which is owned by the individual and used by the individual or the individual's spouse or dependent, as a principal place of residence. The aggregate value of such homestead exemption shall not exceed five thousand dollars ($5,000); provided, individuals who jointly own and use real property as their principal place of residence shall be entitled to homestead exemptions, the aggregate value of which exemptions combined shall not exceed seven thousand five hundred dollars ($7,500), which shall be divided equally among them in the event the homestead exemptions are claimed in the same proceeding; provided, if only one (1) of the joint owners of real property used as their principal place of residence is involved in the proceeding wherein homestead exemption is claimed, then the individual's homestead exemption shall be five thousand dollars ($5,000). The homestead exemption shall not be subject to execution, attachment, or sale under legal proceedings during the life of the individual. Upon the death of an individual who is head of a family, any such exemption shall inure to the benefit of the surviving spouse and their minor children for as long as the spouse or the minor children use such property as a principal place of residence. If a marital relationship exists, a homestead exemption shall not be alienated or waived without the joint consent of the spouses. The homestead exemption shall not operate against public taxes nor shall it operate against debts contracted for the purchase money of such homestead or improvements thereon nor shall it operate against any debt secured by the homestead when the exemption has been waived by written contract. A deed, installment deed, mortgage, deed of trust, or any other deed or instrument by any other name whatsoever conveying property in which there may be a homestead exemption, duly executed, conveys the property free of homestead exemption, but the homestead exemption may not be waived in a note, other instrument evidencing debt, or any other instrument not conveying property in which homestead exemption may be claimed. Notwithstanding subsection (a) to the contrary, an unmarried individual who is sixty-two (62) years of age or older shall be entitled to a homestead exemption not exceeding twelve thousand five hundred dollars ($12,500) upon real property that is owned by the individual and used by the individual as a principal place of residence; a married couple, one (1) of whom is sixty-two (62) years of age or older and the other of whom is younger than sixty-two (62) years of age, shall be entitled to a homestead exemption not exceeding twenty thousand dollars ($20,000) upon real property that is owned by one (1) or both of the members of the couple and used by the couple as their principal place of residence; and a married couple, both of whom are sixty-two (62) years of age or older, shall be entitled to a homestead exemption not exceeding twenty-five thousand dollars ($25,000) upon real property that is owned by one (1) or both of the members of the couple and used by the couple as their principal place of residence. Notwithstanding subsection (a) to the contrary, an individual who has one (1) or more minor children in the individual's custody shall be entitled to a homestead exemption not exceeding twenty-five thousand dollars ($25,000) on real property that is owned by the individual and used by the individual as a principal place of residence. Acts 1870, ch. 80, § 1; 1870-1871, ch. 71, § 4; 1879, ch. 171, §§ 1, 2; Shan., § 3798; mod. Code 1932, § 7719; Acts 1933, ch. 72, § 1; 1943, ch. 131, § 1; C. Supp. 1950, § 7719; Acts 1975, ch. 285, § 1; 1979, ch. 61, § 1; 1980, ch. 919, § 1; T.C.A., § 26-301; Acts 2004, ch. 659, § 1; 2007, ch. 560, § 1. Compiler's Notes. The Tennessee advisory commission on intergovernmental relations shall study the current homestead exemption amounts allowed pursuant to this section to determine whether the exemptions should be increased to accurately reflect the cost of living and shall submit a written report to the members of the general assembly no later than January 1, 2016. The report shall detail the various categories of homestead exemptions and compare each category to the exemptions of other states. Cross-References. Homestead Act, title 7, ch. 66. Homestead and personal property exemptions, Tenn. Const., art. XI, § 11. Textbooks. Gibson's Suits in Chancery (7th ed., Inman), §§ 307, 475. Pritchard on Wills and Administration of Estates (4th ed., Phillips and Robinson), §§ 425, 648-650, 654, 657, 816. Tennessee Forms (Robinson, Ramsey and Harwell), No. 8-224. Tennessee Jurisprudence, 4 Tenn. Juris., Bankruptcy, §§ 21, 24, 30; 12 Tenn. Juris., Executions, § 13; 13 Tenn. Juris., Exemptions From Execution and Attachment, §§ 2, 5, 6, 8-10; 18 Tenn. Juris., Liens, § 7. Law Reviews. A Review of Tennessee Exemptions in Light of the Bankruptcy Code (Jennie D. Latta), 28 No. 5 Tenn. B.J. 35 (1992). A Second Look at the Proposed Uniform Bankruptcy Exemptions: Tennessee as an Example (The Honorable William Houston Brown, Lawrence Ponoroff), 28 U. Mem. L. Rev. 647 (1998). Bankruptcy Issues Arising in Divorce Practice (Ellen B. Vergos), 24 Mem. St. U.L. Rev. 697 (1994). Bankruptcy Law — Nobelman v. American Savings Bank: Permissibility of Bifurcating and Modifying Homestead Mortgages, 24 Mem. St. U.L. Rev. 805 (1994). Davis v. Davis: The End of Interspousal Tort Immunity Tips the Scales on the Last Intrafamilial Immunity Stronghold, 14 Mem. St. U.L. Rev. 270 (1984). Domestic Relations — 1957 Tennessee Survey (William J. Harbison), 10 Vand. L. Rev. 1082. Domestic Relations — 1961 Tennessee Survey (II) (William J. Harbison), 15 Vand. L. Rev. 892. Enforcement of Judgments in Tennessee, 22 Tenn. L. Rev. 873. Enforcing Money Judgments in Tennessee (Lonnie C. Rich), 4 Mem. St. U.L. Rev. 65. Exempt Property in Tennessee under the Bankruptcy Code (Thomas E. Ray), 18 No. 2 Tenn. B.J. 7 (1982). Exemption Statutes — Retrospective Operation of Laws, 11 Tenn. L. Rev. 128. Homestead in Tennessee (Mark J. Mayfield), 25 Tenn. L. Rev. 261. Judicial Reform at the Lowest Level: A Model Statute for Small Claims Courts, Part III, 28 Vand. L. Rev. 747. Privy Examination, 3 Tenn. L. Rev. 126. Protection Against Spousal Disinheritance: A Critical Analysis of Tennessee's New Forced Share System, 28 U. Mem. L. Rev. 561 (1998). Real Property — 1962 Tennessee Survey (Thomas G. Roady, Jr.), 16 Vand. L. Rev. 839. Restitution — 1963 Tennessee Survey (J. Brad Reed), 17 Vand. L. Rev. 1139. Rights of Creditors in Insurance — The Tennessee Exemption Statutes (Paul J. Hartman), 5 Vand. L. Rev. 760. Tennessee Law and Equal Rights Amendment: Property Law, Employment Relations and Juries (Sara Kaltenborn), 3 Mem. St. U.L. Rev. 327. Tennessee's Bankruptcy Exemptions are Valid: Rhodes v. Stewart (Bruce D. Fisher), 19-No. 4 Tenn. B.J. 7 (1983). The New Tennessee Code (Charles C. Trabue), 10 Tenn. L. Rev. 155. Attorney General Opinions. Legislation which grants a greater homestead exemption to individuals and married couples sixty-two years of age and older is constitutional, OAG 04-076, 2004 Tenn. AG LEXIS 66 (4/23/04).