Florida’s Homestead Laws: Pitfalls And Traps For The Non-Florida Practitioner Page 2 NELSON & NELSON, P.A. y 2775 sunny isles boulevard, SUITE 118 y NORTH MIAMI BEACH, FLORIDA 33160 y 305.932.2000 T y 305.932.6585 F In order for the home to qualify as an individual’s homestead, such individual must take affirmative
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In fact, Fla.Stat. 196.031 prohibits anyone who receives the benefit of a residency-based property tax exemption or tax credit in another state from also receiving a Florida homestead exemption. Thus, not only can you not claim two Florida homestead exemptions, but you also cannot claim an additional residency-based exemption in another state.
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Florida Homestead Explained. THE FLORIDA HOMESTEAD EXEMPTION GENERALLY. The Florida Homestead Exemption reduces the taxable value of real property by up to $25,000, $50,000 for a married couple. It is an ad valorem tax exemption provided by Florida law for qualified residents who own and reside on the property as their primary residence.
Waiver of Florida Spousal Homestead Rights by Deed Upheld Summary: A recent Florida appellate decision finds that the joinder of a spouse on a deed of homestead property to a trust constitutes a valid waiver of homestead rights, even though the deed contains no waiver language.
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