Giving up homestead exemption -

I am planning on getting married; we each own a home and each is homesteaded. We decided to give up the exemption on my home, its assessed value right now is $85,000; his home -where we will live- is assessed at $190,000. Does it matter which DATE we marry on. I am hoping that I can get one last tax break on my tax bill that comes in November 2009, but we will wait to marry if I will pay full value taxes this year. What's the rule about DIS-qualifying for Homestead Exemption? Thank you!

Susan

Susan,

Thanks for signing up on the BBS. The home you give up will be re-assessed next year at the market value. The date of marriage should not matter a bit. The issue is married with seperate residences in which you do not support each other at all allows the exemption to remain on both houses. You can go ahead and get married, but the key is abandonment of the $85K homestead. Intention to never return to that property as a primary residence is considered abandonment.

http://www.floridahomesteadservices.com

Thank you John. This is a great site, with lots of very good information; I'm happy to have found it.

I will be chagrined to lose my <$300 property tax bill, but after 30+ years it's probably a good idea to finally tie the knot. "...here comes the briiiiiiide...."

Susan

Wow...Thanks a million for the compliments! Best of luck on your marriage and new home!

http://www.floridahomesteadservices.com

Objective Requirements to Establish "Sepgarate Family Units"

Consistent with the Florida law, case law and Attorney General Opinion, the Property Appraiser must make an objective evaluation of the surrounding facts and circumstances. Accordingly, the County Property Appraiser may require a married couple to document ALL of the following, in order to establish they are "separate family units":

* Each person files separate federal tax returns indicating the "married, filing
separately" status.

* Each person maintains separate bank accounts (and has no intermingled or
joint bank accounts).

* Each person is registered to vote, registered his/her vehicle, and has his/her driver's license at the respective, different home addresses.

* Each person pays his/her own property tax bill from the separate, individual bank accounts.

* Each person is the only person. listed on the utility bills (electric, phone, etc.) for the respective, different addresses.

* The title to the respective homes arc not jointly owned by the husband/
wife (note: This is not required when the parties can show they have filed for a dissolution of marriage that is proceeding timely, as the title issues will be decided by the property distribution agreement approved by the court).

http://www.floridahomesteadservices.com