Our topic today is the Homestead Exemption. You have probably seen a lot of buzz about this topic in the news lately, and so many people are confused about what they can and cannot do with a homestead. Anything I tell you now can be verified when you visit the Monroe County Property Appraiser’s page. Go to mcpafl.org to get all the information you need to make sure you are operating within the law. If you do something wrong, you can be arrested for claiming the homestead exemption while renting out your house.
Here’s a basic summary of the rule: you can rent out your house when you use the homestead exemption, but you can only do it every other year. Additionally, you must occupy your house or have it vacant on January 1 of every single year.
So, if you are renting your property every year and collecting rent and also claiming a homestead exemption, you’ll risk a felony charge. You could be put in jail, and the minimum bond is $10,000. Please be safe and be smart when you want to rent out your property if you have homesteaded it.
For more information on this complicated matter, please contact us at Key West Residential Property Management , and we’d be happy to explain it further.