What is a "homestead" residence?

[Tyler D.]

I'm looking to optimize my tax situation, as many states offer tax breaks for "homestead" residences.

However, I have yet to see a formal definition of what a homestead actually is.

To qualify as a homestead, do you need to live in the property for a certain number of days, or some other requirement?

Is it possible to have multiple homesteads?

The world needs to know.