SAVE OUR HOMES – Can someone “inherit” the Save Our Homes value when inheriting a family-owned property?
Florida law requires all property to be assessed annually at market value, unless it is protected by a Homestead Exemption (and the related Save Our Homes cap). A Homestead Exemption applies to specific persons at a specific location. In general, a person by law cannot “inherit” a Homestead Exemption (and Save Our Homes value) when s/he inherits ownership of the property. The only exceptions of specific persons allowed to “inherit” the existing Save Our Homes value are set forth in Section 193.155 (3), Florida Statutes: A surviving spouse may retain the existing Save Our Homes value — even if the survivor was not previously on title — so long as the surviving spouse subsequently files for Homestead; OR The person inheriting the property — or being granted a life estate or beneficial rights under a trust — was a dependent of the decedent AND was permanently residing on the property at the time of the decendant’s death. In all other instances, the person inheriting the property must
Florida law requires all property to be assessed annually at market value, unless it is protected by a Homestead Exemption (and the related Save Our Homes cap). A Homestead Exemption applies to specific persons at a specific location. In general, a person by law cannot “inherit” a Homestead Exemption (and Save Our Homes value) when s/he inherits ownership of the property. The only exceptions of specific persons allowed to “inherit” the existing Save Our Homes value are set forth in Section 193.155 (3), Florida Statutes: A surviving spouse may retain the existing Save Our Homes value — even if the survivor was not previously on title — so long as the surviving spouse subsequently files for Homestead; OR The person inheriting the property — or being granted a life estate or beneficial rights under a trust — was a dependent of the decedent AND was permanently residing on the property at the time of the decedent’s death. In all other instances, the person inheriting the property must f
