Property tax home exemption question (Homestead, Naples: condo, townhouse, to buy)

[rikoshaprl]

To qualify for the property tax homestead exemption do both husband and wife have to be Florida residents if the home is in joint ownership?

[TANaples]

No. Although my husband had lived and worked here longer than me, he had never gotten a permanent Florida license. They would not let him claim the exemption, so I got the Homestead Exemption just in my name at first. After all his legal procedures were taken care of (about a month), his name was put on it also.

[tmozer]

Originally Posted by TANaples

No. Although my husband had lived and worked here longer than me, he had never gotten a permanent Florida license. They would not let him claim the exemption, so I got the Homestead Exemption just in my name at first. After all his legal procedures were taken care of (about a month), his name was put on it also.

Which gets me wondering (scheming)......

Let's say my wife decided to live in Florida 6+ months a year and I lived in SC 6+ months. Could we possibily get away with claiming a Homestead Exemption in both states? The two properties are in both our names.....

[TANaples]

You might able to, if you both lived in different states. If your wife lives, works, and gets a Florida license, and you keep your SC legal residence and license, she can probably get the Homestead Exemption just in her name. After all, they let me take it in just my name when we owned the property jointly.

[fiege1224]

Does anyone know a good place to buy a power lift at a good price along with installation in se cape coral. I just bought a townhouse with a 30 foot dock and I need a used or new lift installed for my go fast boat. The lift would need to be 10,000 lb. Thanks Steve

[tmozer]

Right now we are both perminant residents of NJ. That will change once we sell our home here. We will then have our townhouse in SC and a condo in FL. It sure would be nice to get a property tax break with both properties.

[nhkev]

I'm going to try to explain this not sure if it makes sense..... If you have 2 people on the deed but only one applies for homestead then the exemption is $25k. If you have 2 people on the deed and both apply for homestead then the deduction is $50k. If you only have one person on deed and they apply they get the 50k.... you cannot claim homestead exemption in 2 different states simultaneously as one would be fraudulent and they do enforce it.

So if you wanted to maximize you would have to have the deed in just your name get the 50k have wife keep her residence in sc and then would probably work out... but check with south carolina if they would lower their exemption if only 1/2 the grantees are homestead.

[tmozer]

nhkev:

Thanks. Makes sense. We, it would seem, would be better off determining which state offers the better exemption and both reside there for the required period each year.

[rikoshaprl]

Thanks. I will wait for the wife to come down and change her license and residence too before applying.

[jvelte]

Originally Posted by nhkev

I'm going to try to explain this not sure if it makes sense..... If you have 2 people on the deed but only one applies for homestead then the exemption is $25k. If you have 2 people on the deed and both apply for homestead then the deduction is $50k. If you only have one person on deed and they apply they get the 50k.... you cannot claim homestead exemption in 2 different states simultaneously as one would be fraudulent and they do enforce it.

So if you wanted to maximize you would have to have the deed in just your name get the 50k have wife keep her residence in sc and then would probably work out... but check with south carolina if they would lower their exemption if only 1/2 the grantees are homestead.

I agree. You can't claim homestead in two states. Especially if you are both on the deeds. One of the states WILL find out and you could face tax evasion prosecution (but most likely would just be slapped with a huge fine and past tax liability)