The Senate on Wednesday gave final legislative approval to a bill increasing the amount of property that’s protected by homesteading the home.
Nevada homeowners can file documents with their county recorder that protects their primary residence from being taken in a civil action. Doing so is called homesteading the property.
Currently, state law protects up to $550,000 worth of equity in a residence from forced sale to satisfy a civil judgment.
AB481 increases the amount to $605,000.
Lawmakers periodically approve an increase in the amount of equity protected by homesteading a residence to acknowledge the rising cost of homes.
The bill is on its way to the governor’s desk.
Editor’s note: This story has been corrected to reflect that documents are filed with the county recorder, not the county assessor.