Category: Florida Homestead

If the owner of a Florida homestead dies leaving behind a spouse or minor children, the spouse or minor children automatically inherit the deceased’s homestead property even if there is a will, trust, or other estate planning document indicating otherwise. The following is a detailed list of who inherits homestead property when the owner dies…

If you sell your Florida homestead and buy a new homestead, you cannot transfer the homestead exemption, but you can transfer the Save Our Homes assessment limitation. Save Our Homes is one of the benefits that comes with homesteading property in Florida. It limits the assessed value of your home to at most 3% per…

It is not uncommon for a buyer of real estate to be caught off guard by property taxes in the year after the buyer buys their Florida home. The reason is because property taxes are paid at the end of the year in Florida making the property tax bill unknown for most of the year…

If you homestead your property, but you also rent it out, then you may lose your property’s homestead status on the part of the property you are renting if the property appraiser finds out that part of the homestead is rented. And if you rent the entire homestead property or a substantial portion of the…

Homestead offers some good benefits in Florida. The most significant benefits are tax benefits and creditor protections. With regard to tax benefits, up to $50,000 worth of a property’s taxable value can be exempt from property tax calculations (about $700 or so off your annual property tax bill) and the annual increases of ad valorem…

In general, you cannot transfer your homestead to anyone or any entity if you have a spouse or minor children. The reason is because a spouse or minor children automatically inherit homestead property. However, your spouse has the option to waive his or her homestead rights. There are two ways to waive homestead rights, by…

Signing a contract to sell your home does not end the homestead status of your home. This issue was addressed in In re Estate of Skuro, 467 So.2d 1098 (Fla. 4th DCA 1985). In In re Estate of Skuro, Randolph Skuro executed a contract to sell his home, but died before the sale could be…

Generally, in an intact marriage, a married couple can only have one homestead. However, it is possible for a married couple to claim two homesteads in Florida if they can prove there are legitimate reasons for living in separate homesteads. The most obvious legitimate reason for living in separate homes is if the married couple…

Whether real estate in Florida can be homestead if it is in a trust depends on whether the trust is revocable or irrevocable and it depends on the language in the trust. Generally, real estate in a revocable living trust can be homesteaded and real estate in an irrevocable trust cannot, unless the irrevocable trust…

The Florida homestead exemption does not expire and you do not have to renew it every year. Unless you cancel your homestead, your homestead will be automatically renewed each year. The only way for you to lose your homestead is if you are no longer eligible for it. This will happen if you: • No…