It is a local option to establish two separate property tax rates: a lower tax rate for residential property owners. This can provide asset protection from creditors for at least some of house's value.The new law established a threefold homestead acquisition process: file an application, improve the land, and file for deed of title. The statelaw exemption may also be elected in a bankruptcy filing to protect assets from liquidation. Protection under homestead laws is typically limited to "natural persons" who reside in the applicable jurisdiction. Information and online services regarding your taxes. You can only claim one (1) primary residence statewide as your homestead. Collector - Real Property Tax Credit for Seniors. If you move, you can still qualify for the Homestead Exemption.
