Exemption Form Homestead With Multiple Owners In Florida
Description
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FAQ
The U.S. tax code provides tax advantages for married couples who file jointly and own a home. While duplicating these tax benefits with another residence would help your bottom line when you file taxes, it's not possible to claim two primary residences because of tax regulations from the IRS.
If one spouse maintains the property as his or her permanent residence, the homestead exemption will continue.
(5) Property held jointly will support multiple claims for homestead tax exemption; however, only one exemption will be allowed each residential unit and no family unit will be entitled to more than one exemption.
If your homestead property has an assessed value from $50,001 through $74,999, you will receive an additional exemption proportionately up to $24,999. All homestead property with an assessed value of $75,000 or more will receive the full $25,000.
Your Homestead is your home that you own (not rent) and live in as your permanent residence in Florida. You can only have ONE Homestead, and you have to own it as a natural person or in a trust where you are also the beneficiary of the trust.
