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Merlo, Accountant
Category: Tax
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Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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Florida has a Homestead Law and allows a substantial tax ...

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Florida has a Homestead Law and allows a substantial tax credit for homesteaded property. Until recently I believed the credit only applied to the home I occupied. However, a statement received from Citizens Property Insurance Corp., the state-owned property insurer, included this under "Homestead Property", "Property with an insured dwelling limit of $200,000 or less, for which you, the owner, have a current written lease with a renter for a term of at least 7 months." Would such rental property qualify for the same property tax exemption?
Submitted: 9 years ago.
Category: Tax
Expert:  Merlo replied 9 years ago.


Unfortunately, the Florida homestead exemption only applies to a home if it is your primary residence. If at any time you change the status of your primary residence to a rental property, it is no longer eligible for the homestead exemption. Effective January 1st of this year, there were some changes to the laws that affect property taxes, and rental properties were included in some of the benefits as far as the tax rates being capped at a 10% increase, but rental properties still do not qualify for the homestead exemption. It is hard to say what Citizens Property Insurance means by the statement you quoted, but you may want to call them and inquire.

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