Mark owns two properties in Florida: a condo in Miami where he lives 8 months per year, and a house in Gainesville where he lives 4 months per year while teaching at the university. He wants to claim homestead exemption on both properties. What is the result?
Correct Answer
C) He can choose which property to claim as homestead but cannot claim both
Correct: Florida law allows only one homestead exemption per person, and the owner can choose which qualifying property to claim. A is incorrect because multiple homestead exemptions are prohibited. B is incorrect because he has a choice of which property to claim, not automatically the one with more time. D is incorrect because year-round residence is not required, only that it be the permanent residence and primary home.
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Related Topics & Key Terms
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Community property is a system where property acquired during a marriage is owned equally by both spouses.
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Previous Question
A homestead property in Orange County has an assessed value of $400,000. The homestead exemption reduces the taxable value by $50,000, and the county tax rate is 8.5 mills. How much will the owner save in property taxes due to the homestead exemption?
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