Homesteading Questions

[plexer]

My wife and I purchased a home in The Villages in June of 2006. The house is in both our names. I am retired, my wife is not. Is there anyway I can homestead the Florida property? I understand I would have to reside in Florida for at least 6 months. Would I have to retitle the house in my name only? Currently we are Massachusetts residents. Thanks for any input you may have.

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To be eligible for the Florida Homestead Exemption you must:
1. Be living in the home on January 1.
2. Must be a Florida Resident.
Which means have a Florida Driver's License, Auto Tags and Voter Registration.
A "Florida Only" license does not count. You must surrender your old state license.
3. Must have only one Homestead Exemption.
Which means only one principal home in Florida OR ANY OTHER STATE.
eg. You can NOT claim any resident exemption in another state AND the homestead exemption in FL. (They check!)
4. If no driver's license, you must file a "Declaration of Domicile".
5. You must file for the Exemption by March 1 (with County Appraiser).
6. You will need Fl. DL, Auto Registration, DOB, SS#, Proof of Ownership (Deed) (for both spouses (if joint tenancy).

You will then get a $25,000 assessed value exemption on both county and school taxes and also be eligible for the "Save Our Homes" cap of 3% or the CPI whichever is less on the increase in your assessed valuation.

eg. Buy a home for $200,000, the assessed value will be $160,000 less your $25,000 exemption or $135,000 taxable value. If the home's value goes up to $240,000 next year and the CPI goes up 7%, a homesteaded house taxable value will only go to $139,800 (+3%). If not homesteaded, the taxable value will go to $192,000 (+20%). In the second year, the non-homesteaded house pays 37% more tax than the homesteaded one.

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