Homestead Exemption Forms With Multiple Owners In Florida
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FAQ
If one spouse maintains the property as his or her permanent residence, the homestead exemption will continue.
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 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.
(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.
(3) No individual shall be entitled to more than one homestead tax exemption. (4) (a) This paragraph shall apply where property is held by the entireties or jointly with a right of survivorship.
You must file a new application for your new residence. While your homestead exemption is not transferable, you can transfer the accumulated Save Our Homes benefits (as defined by law) from one homestead to another homestead, anywhere in Florida.
Homestead Exemption: Every person who has legal or equitable title to real property in the State of Florida and who resides thereon and in good faith makes it his or her permanent home is eligible to receive a homestead exemption of up to $50,000. The first $25,000 applies to all property taxes.
