Findings—2021 c 290: "The legislature finds that the homestead exemption is intended to protect the homeowner's equity in a home against unsecured creditors. A homestead exemption protects homeowners and the equity in their homes from judgment creditors seeking to collect on unsecured debts.Property tax exemptions and deferrals. Note: These programs are only available to individuals whose primary residence is located in the State of Washington. President Abraham Lincoln signed the Homestead Act on May 20, 1862. Taxpayers can complete transactions on MyTax DC or call 202-727-4TAX. The Homestead Credit Eligibility stays in place as long as the dwelling remains your primary residence. In bankruptcy, a homestead exemption protects equity in your home. Here, you'll find specific information about the homestead exemption in Washington. Information and sample forms to be used when you need to claim that some of your property is exempt (protected) from being taken to pay a debt.