Homestead exemptions are allowed in some states to owners of principal,
full-time residences. Homesteading allows for a predetermined deduction
of a dollar amount from the assessed value to determine property taxes.
In Florida, this provides a $25,000 deduction in the assessed value of a
home for property tax liability. The deduction translates to a savings of
between seven and eight hundred dollars a year. Traditionally, homestead
exemptions were available and processed at the city or county tax assessor's
office. Because of the Internet, an owner can even fill out the form online.
Homestead exemption also offers protection from losing a residence from
actions of those to who money is owed. Obviously, homestead exemption does
not apply to nonpayment of tax or mortgage payments. The dollar amount that
a home can be homesteaded to depends up on the individual state. For example:
Florida doesnt have a limit on the property value amount that is protected
by homesteading. In California homes could only be homesteaded for $60,000.
That figure was probably set as a basic housing need for families set at
the time of the homestead law. Homesteading is why O.J. Simpson had to sell
his home in California after he lost his case in the civil court. In Florida,
that would not have been the case.
below to view external sites. Note: Government sites pertain to Gainesville,