Carlos and his wife own two homes in Florida: one in Miami where they live 8 months per year, and one in Tallahassee where they live 4 months per year. Both are considering claiming homestead exemption. What is the correct advice?
Correct Answer
B) They can only claim homestead exemption on the Miami property
Correct: Only one property can receive homestead exemption, and it should be the primary residence where they spend the majority of their time (Miami). Why not A: Florida law allows only one homestead exemption per person/family. Why not C: While they have some choice, the Miami home is clearly the primary residence. Why not D: They qualify for exemption on their primary residence.
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Previous Question
All of the following properties would qualify for Florida homestead exemption EXCEPT:
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Patricia's home has a just value of $280,000 and qualifies for homestead exemption. The property has a $50,000 homestead exemption ($25,000 standard + $25,000 additional). If the millage rate is 20 mills, how much will she save in property taxes due to the homestead exemption?