The homestead exemption allows for a maximum size of the land of 1/2 acre if located within a municipality and 160 acres if located outside a municipality. A homestead is generally limited to your actual residence or the residence of your family and may not generally include any portion used for commercial purposes.
The maximum dollar value of a "homestead" is unlimited , unless an exception applies. One bankruptcy code exception applies if you have acquired you interest in your homestead during the 1215 days prior to the filing of the bankruptcy case, you are limited to $155,675.00 in acquired value. 11 USC Section 522 (p).