Typically, you'll need to fill out a homestead exemption application with your county tax office. A homestead exemption either subtracts a percentage of your home's assessed value or a specific dollar amount.This can provide asset protection from creditors for at least some of house's value. Homestead exemption cannot be claimed on rental property. State law provides for only one homestead exemption per immediate family group (husband and wife). Homestead programs are widely used as a form of property tax relief for owneroccupied residential property. Information on the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) and how it affects a foreign person with real property interest. A common form of a state widow(er)'s exemption is the type offered in Florida. Additionally, Utah law clearly states that if the home is jointly owned, each owner is permitted to use the homestead exemption. Florida and Texas, in fact, are well known as debtor-friendly states because of their homestead exemptions.
