70-32-104 . Limitation on value. (1) A homestead may not exceed the value provided in subsection (3). In a proceeding instituted to determine the value of the homestead, the assessed value of the land with included appurtenances, if any, and of the dwelling house as it appears on the last-completed assessment roll preceding the institution of the proceeding is prima facie evidence of the value of the property claimed as a homestead. (2) If a claimant who is an owner of an undivided interest in real property claims a homestead exemption, the claimant is limited to an exemption amount proportional to the claimant's undivided interest. (3) (a) The department of revenue shall adopt administrative rules setting the homestead value limit. (b) In 2021, the homestead value limit is $350,000. (c) The homestead value limit must increase by 4% every calendar year after 2021.
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