Update On New Homestead Act (how much, transfer, calculation)

bale002 · 07-28-2008, 05:17 AM

I know this has been discussed before, but I'd like to review a few features of the new homestead act.

My understanding is that basically the homestead exemption has been increased from $25,000 to $40,000.

There is also a portability provision. I believe that the owner has to be in a first Florida residence for at least two years to establish a portability base, then there are some complicated calculations to determine the tax base once the owner moves, whether upsizing or downsizing.

Can anyone confirm, especially the minimum time for establishing a portability base?

Are the new rules already in effect? Have they been challenged in court?

Also, if you don't feel like going through this discussion again, please provide past forum or official links that would explain it.

Thanks much!

specialk115 · 07-29-2008, 10:39 AM

Hi, I can't answer your questions but I'd also like to hear some responses from those that are familiar with the new act. Specifically, would my family qualify for a Homestead exemption (and how much) if we relocated to FL and purchased a new home? Thanks!

Kim918 · 07-29-2008, 03:52 PM

Quote:

Originally Posted by specialk115

Hi, I can't answer your questions but I'd also like to hear some responses from those that are familiar with the new act. Specifically, would my family qualify for a Homestead exemption (and how much) if we relocated to FL and purchased a new home? Thanks!

Anyone who owns a home in Florida and lives in it as their primary residence qualifies for a homestead exemption.

tallrick · 07-30-2008, 06:59 AM

To my knowledge this is being challenged in court. However, you never know if the judges assigned to a case are competent or not. And with all court cases, there is simply no reason for them to do their job.

riveree · 07-31-2008, 06:33 PM

Quote:

Originally Posted by bale002

Are the new rules already in effect?

I believe they are. I have a family member who recently purchased a home and when he was going through the homestead application process, he had the opportunity to transfer his old homestead (via an extra form)...so it looks like the rules are in effect.