Is it possible to claim a homestead exemption on properties located in separate states?
Full Question:
Answer:
Homestead laws are designed to protect small individual property owners, such as homeowners, from the everchanging economic climate of the United States. Often when the economy changes, small property owners are unable to meet the demands of their creditors. Homestead laws allow an individual to register a portion of his real and personal property as "homestead," thereby making that portion of the individual's estate off-limits to most creditors. The idea behind these homestead laws is the preservation of the family farm, home, or other assets in the face of severe economic conditions.
Typically, the homestead exemption is claimed only your primary residence, not a second home that may be owned.
In Pennsylvania, the statutes state:
A homestead is generally considered to be a dwelling and the land on which the dwelling sits, as well as any other improvements on that land so long as one of the following three situations applies: (1) an owner-occupied dwelling (the land is included only if the owner of the dwelling also owns the land beneath it); (2) an owner-occupied condominium or cooperative where the
assessed value is based on the individual unit or in some cases the pro rata share of the real property; or (3) if a dwelling does not otherwise qualify under the previous two situations, that portion of the real property that is occupied by the owner of that portion. 53 Pa.C.S. § 8401.
The law in Florida states:
Every person who owns and resides on real property in Florida on January 1 and makes the property their permanent residence is eligible to receive a homestead exemption up to $50,000. The first $25,000 applies to all property taxes, including school district taxes. The additional exemption up to $25,000, applies to the assessed value between $50,000 and $75,000 and only to non-school taxes.
If one spouse holds the title, the other spouse may file for the exemption with the consent of the titleholder.
If filing for the first time, be prepared to answer these questions:
In whose name or names was the title to the dwelling recorded as of January 1?
What is the street address of the property?
How long have you been a legal resident of the State of Florida? (A Declaration of Domicile or Voter's Registration will be proof of date before January 1.)
Do you have a Florida license plate on your car and a Florida driver's license?
Were you living in the dwelling on January 1?
