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Homestead Exemption question.....

Author charles coryn
Participant 

#1 - Posted: 13 Sep 2010 08:25 
Greetings

Since I last communicated last with you John I have changed my permanent residence. I decided that since I was spending more than 50% of my time in Morgan County, Tn, I should get my permanent residency there instead of trying to fiddle it.

I purchased the house in Lake Worth in 1988 and have had homestead exemption since 1989. My son has lived there with me from 1994 until the present.

If I do an Enhanced Life Estate Deed, is it then just a matter of him getting his own Homestead Exemption in Jan 2011? Would the exemption be 50%?

Thanks very much

charley

Author johnbsims3
Admin 

#2 - Posted: 13 Sep 2010 08:28 
Charley,
Thanks for the time to write. I would not do any 'fiddling' with the exemption as it could cause you problems down the road. You are correct about your son having to apply for the exemption. He has until March 1, 2011 to apply, and yes, it will be $50K. Let me know if you need any help.

Author charles coryn
Participant 

#3 - Posted: 13 Sep 2010 14:56 
Thanks John

Is that $50K or 50%? I think I'm still confused. Does the Enhanced Life Estate mean the property is in his name and he gets a full homestead exemption, or just half the exemption as if we each owned 1/2 the property?

Sorry to be a little slow with this. I did have trouble in the past when he wouldn't send me my mail and I nearly lost the Homestead Exemption. I had to petition to get it back.

Thanks very much

charley

Author charles coryn
Participant 

#4 - Posted: 13 Jan 2013 18:30 
Hello John

Are you still there? I last posted in 2010 and am now 75, so I have to get serious about this. I didn't do what you said, and am still regarded as a permanent resident of Lake Worth, Fl, but I have not spent time there to speak of since that last email, 2 years ago. I received the Homestead Exemption this year again but not an old age exemption as I never applied. The property is still occupied by my son, who has lived there since 1994, and I need to get this all straightened out before I'm really in trouble.

I think what I want to do is to apply for the Lady Bird Deed, if you can suggest the route to achieve that this month, as I believe this is the month to file for the Homestead Exemption, am I correct.

If it's not something we can do by internet and mail, I'll be down to L.W. March 1st.

Thanks

charles coryn

Author charles coryn
Participant 

#5 - Posted: 13 Jan 2013 18:35 
Hello John

Are you still there? I last posted in 2010 and am now 75, so I have to get serious about this. I didn't do what you said, and am still regarded as a permanent resident of Lake Worth, Fl, but I have not spent time there to speak of since that last email, 2 years ago. I received the Homestead Exemption this year again but not an old age exemption as I never applied. The property is still occupied by my son, who has lived there since 1994, and I need to get this all straightened out before I'm really in trouble.

I think what I want to do is to apply for the Lady Bird Deed, if you can suggest the route to achieve that this month, as I believe this is the month to file for the Homestead Exemption, am I correct.

If it's not something we can do by internet and mail, I'll be down to L.W. March 1st.

Thanks

charles coryn

Author charles coryn
Participant 

#6 - Posted: 13 Jan 2013 18:41 
John

I failed to mention that my son is 100% deaf, and that I want him to apply for the Homestead Exemption for the coming year. Is that possible? I will remain in Tn for the present unless illness forces me to return south.

Thanks

charles coryn

Author johnbsims3
Admin 

#7 - Posted: 14 Jan 2013 08:37 
Yes, he can apply for the additional exemption.

Author charles coryn
Participant 

#8 - Posted: 16 Jan 2013 14:30 
John

Thanks very much, and thanks for all the information you've posted here, especially the FAQ, where I found the following:

"You are entitled to a Homestead Tax Exemption if, as of January 1st, you have made the property your permanent home or the permanent home of a person who is legally or naturally dependent on you."

I have always paid the expenses for the house, since I bought it in 1988, and after my son moved in in 1994 I've continued to pay all the expenses. I interpret this to mean my son William is also eligible for the Homestead Exemption if he is the only one living there and I am supporting him, and if I have made up a Lady Bird agreement with him the co-owner of the property. I remember I have always listed him on my income tax as a dependent living at home because of his deafness and lack of money.

Should I download a Lady Bird form and begin there, or would it be preferable to contact your WPB office for assistance?

Thanks for your help

Charles Coryn

Author johnbsims3
Admin 

#9 - Posted: 16 Jan 2013 14:33 
I would contact the County Property Appraiser and ask how to add him to the exemption. You probably will have to have him complete a full application for the exemption.

Author charles coryn
Participant 

#10 - Posted: 11 Feb 2013 09:54 
Thank you John for your reply.

I will need some help with this situation, so perhaps you can give me an estimate of what you would charge. It concerns my house at 3718 Coconut Rd. South (rear). It's a very small cottage sitting on 1/10 acre, probably the smallest property in LW>

I want to make out a Lady Bird Deed to get the property in both our names. He is totally deaf and has been living there since 1993. I have been spending most of my time up here in Tn and do not plan to live in LW again, so I want to get the house in his name, in case I pass away unexpectantly.
I bought the house in 1988 and have lived there continuously since then, but spending more and more time here in Tn.

He works from time to time with no real steady job, so I've been funding him, often almost 100%. I pay the bills and taxes, and give him money a couple of times a month. I would say I pay 90% or more of his expenses.

So let me know what you think, and if possible give me an estimate for drawing up and recording the deed. I will need to get a sign language interpreter to go with him with all his documentation to get the exemption. Somewhere I read that actually he can only get 1/2 of the exemption since we will both be part owners.

I can also call you if you have questions. I'm at 423-965-4450.

Thanks again

charles coryn

Author johnbsims3
Admin 

#11 - Posted: 11 Feb 2013 10:28 
Charles,

We can help. Check your email. Thanks for the phone conversation!

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