What type of deed is needed to give my mother in law an iterest in our home for tax purposes?
Full Question:
Answer:
If a person qualifies for a homestead exemption and is not the sole owner of the property to which the homestead exemption applies, the exemption received is based on the interest owned. For example, if one owns a 50 percent interest in a homestead he or she will receive one half, or $7,500, of a $15,000 homestead offered by a school district.
A homeowner who meets the definition of a totally disabled person under state law on January 1, ordinarily qualifies for a disability homestead exemption. An eligible disabled person who is 65 or older may not receive both a disabled and an elderly residence homestead exemption, but may choose either. However, he or she may NOT claim BOTH over 65 and disabled person exemptions.
A life estate does qualify for homestead as long as the life estate interest is shown on the deed, and the holder of the life estate meets all the homestead requirements.
