Which answer most accurately states the Florida rule for Article X homestead creditor/devise protection?
Correct Answer
C) The additional homestead exemption is adjusted annually for inflation under current Florida law.
The additional homestead exemption is adjusted annually for inflation under current Florida law. This follows Art. VII, § 6, Fla. Const.; Art. X, § 4, Fla. Const.; F.S. § 196.031; Florida Dept. of Revenue homestead guidance.
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Previous Question
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?
Next Question
Janet, a Florida resident, owns homestead property worth $800,000. She moves to California for a new job but keeps the Florida property and rents it out while living in a California apartment. Two years later, she faces bankruptcy. Can she still claim Florida homestead exemption on the property?