Homestead Flashcards
Property tax exemptions - Qualifying property
- located in FL
- permanent resident of owner/dependents
- no acreage limitation
- can be owned by lega/equitable title, entireties, jointly, n common, condo, indreictly by stock ownership or leasehold initially in excess of 98 years
Property tax exemption - Amounts
- Flat deduction - first 25k of assessed value (all taxes except special benefit assesment)
- If assessed value is above 50K - value in excess 50K up to max of 50K (excluding school distrct levies)
Propery tax exemptions - Elderly etc.
- exemption of up to 50k - 65+ and household incomes is below certain threshold,
- exemption = assessed value of property if:
- 65+
- have lived in residence for 25+ years
- residence worth less than 250K
- income under certain threshold
- veterans/first responders -
- elderly disabled vets
- depoyed military personnel
- surviving spouses of vets/first rresponders,
- first responders totally disabled due injury in line of duty
Protection from Creditors
Qualifications
- located in FL, permanent residence of owner/dependents
- acreage limit - 1/2 acre in municipality, 160 acres outside
- Ownerships interests
- T by E; protected from forced sale if either spouse satisifed residency reqs
- current posessory interest okay (life estate); future are not
- equitable interest generally ok
- leases usually don’t qualify unless extreme long term (98+ years)
- can be mobile home and usually condos
Note: can only be claimed by natural person
Protection from creditors
(General)
- proceeds from voluntary sale protected if seller -
- intends to reinvest proceeds in another HS w/i reasonable time
- keeps funds separate
- does actually reinvest per above
- protection extends to heirs, including SS and minor children
- does not apply to forced sales due to oustanding taxes, assessments, civil forfeitures, mortagges, liens for labor on premises
- covers up to $1000 in personal property
Burden is on creditor to prove by POE that owner isn’t entitled to protection
Restrictions on devise/descent
- purpose: protect SS or minor child from being left w/ no home upon owner’s death
- same location/acreage requirements
- alienation - married owner can’t sell, give, mortage any interest in HS w/o spouse’s consent
- devise/descent - see separate card
Devise/descent - SS only
Passes to SS in fee simple absolute
Devise/descent - SS + minor children
Life estate to SS, vested remainder to descendents in being at TOD, per stirpes.
Note: SS can choose 1/2 undivided interest in HS as TIC, w/ other half going to kids
Devise/descent - adult children
Can be devised to SS inFSA, but if not -
life estate to SS, vested remainder to descendents in being at TOD, per stirpes
Devise/descent - no SS, no kids
can be devised to anyone, but if not -
- descendants in being at TOD, per stirpes
- if not, to other intestate heirs
- if not, passes to residuary devisees (not general) unless testamentary directive to use funds from forced sale
Devise/dsecent - Joint tenancy and tenancy by the entirety
N/A - will pass to SS by operation of law upon death
