How to get homestead exemption where there are multiple owners of real estate
When there are multiple owners of real estate, they can get full homestead exemption IF they own the property as joint tenants with rights of survivorship and IF at least one of them lives at the property. This is true even if one or more of the other owners have their own homestead exemptions on other properties in Florida.
Attorney Tom Olsen: Greg, you're on News 96.5. Go ahead.
Greg: Yes, hi. I had a question about buying a piece of real estate home for my three children. They're going to live in it, but the homestead exemption-- Are they going to be just bound to be able to get a home estate exemption on that one property since they would be on the deed or if they bought additional property, would they--
Attorney Tom Olsen: Greg, I assume your children are adults, by the way. Right?
Greg: Just barely, yes.
Attorney Tom Olsen: Okay. Greg, here in the state of Florida, when you have multiple owners of a piece of property and they own the property as joint tenants' rights of survivorship, they can get full homestead exemption, as long as at least one of them lives in the property. Even if the others have their own homestead exemption, they can still get full homestead exemption.
Greg, the key to getting the full homestead exemption would be after their three names appear on a deed, there's the magic words of joint tenants' rights of survivorship. If that magic language is there, and at least one of those children lives in the home, they can get full homestead exemption.
Greg: Okay, that makes a lot of sense. Once they're using it as a permanent residence, they'll still be able to get homestead off of that individual in a permanent residence in that home.
Attorney Tom Olsen: Exactly. Even if the other two have their own homestead exemption somewhere in Florida.
Greg: Okay. That's great, that's perfect, that's what I need you to know. Thank you very much.
Attorney Tom Olsen: All right, Greg. Thank you for calling. That's a great question. Glad I could help you out with it.