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Good News for HOMESTEADED Property Owners that want to RENT

posted Sep 6, 2013, 12:06 PM by Gidget Jackson   [ updated Jan 8, 2015, 3:35 PM ]

Check out the new law regarding renting your homesteaded property....

SB 342 by Sen. John
Thrasher (R-St. Augustine) provides a "safe harbor" that lets people rent their homestead for up to 30 days a year without losing the exemption. However, rentals that exceed 30 days for two consecutive years jeopardize the homestead exemption in year two. Note that the law doesn't address how many days beyond the 30-day threshold triggers abandonment of homestead. A Department of Revenue opinion allows for rentals of up to six months every other year if proof of substantial residency and other conditions are met. Effective: July 1, 2013.