State and federal exemption lists normally provide a dollar figure for each exemption. Equity refers to the amount that you would receive if the property were sold and the proceeds were first used to pay off any loans or liens on the property. The exemption amounts apply to your equity in the property. Work with an experienced lawyer in your state. If you live in a state that provides that you may select between the state and federal lists, you need to determine which one will protect more of your property.
Individual situations differ.