There are only seven states in the U.S. which have homestead property as an option for people heading towards the real estate market.
The Floridian government according to its regulations, offers you and your family with a significant amount of protection when it comes to keeping a shelter for yourselves in case of a financial mishap.
Let me explain the basics of the homestead to you first. A homestead property in Florida means that any living human being can own around 160 acres outside the municipality area or 0.5 acres inside the municipality.
The person must be a resident of Florida and/or shouldn’t be taking charge on behalf of an organization.
The Floridian homestead regulation has three basic parts. First off, the most well-known attribute of the homestead property is its taxation.
Every resident has to register his property as a homestead property at the Tax Assessor’s Office in your community. The office gives you a reduced tax rate on your property in return. The other two aspects are not commonly known.
The second very important aspect of the homestead is that your property is protected against all kinds of Liens. This means that nobody can hold your property against an unpaid debt.
The only Liens that can be attached to the property area official deals like an unpaid mortgage on that property, a Federal Tax Evasion lien and any other Lien imposed by the government.
Therefore, if unfortunately, you happen to be bankrupt, you’ll be allowed to keep your home free of any imposed fines.
Moreover, your house can’t be held for any personal loan or debt.
Thirdly, your house is protected in case of any alienation.
For instance, if a person marries a woman and she has a house to her name. If the wife should pass away, her husband gets a share in the homestead property.
Their children cannot inherit the property unless their father has approved it.