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How do you determine the "fair market value(less liens and encumbrances) on a home in AZ for a declaration of Homestead?

Phoenix, AZ |

My mortgage is approx $83k, the homes current value is about 135k and the homestead for Arizona is 150k.

I am filing a declaration of Homestead to protect against a credit card judgment of $18k. The form states:

"I select and designate this Real Property or Mobile Home to be my Homestead, together with any and all improvements thereon and appurtenances thereto, as exempt from attachment, execution, or forced sale up to the amount of one hundred and fifty thousand dollars ($150,000.00). I have designated this as my one and only Homestead, and its fair market value (less liens and encumbrances) is _________________________ dollars ($________________)."

What is the correct response to this question?

Thank you.

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Attorney answers 2


In your situation you have approximately $52,000 in equity in your home. Thus, for your purposes above, your value would be $52,000, which is fully protected because the homestead exemption in Arizona is up to $150,000 in equity.


Get a broker to give you an opinion of value and then subtract the balance outstanding on the mortgage.