Can Property Owned by a Trust be Homesteaded
A "Homestead Protection" exempts a specific dollar amount from a property's tax assessment valuation, thus lowering the property taxes owed each year. Most courts have held that a primary residence held in a trust can be eligible for homestead protection. If the beneficiary of a trust, who is residing in and using the homestead as a permanent home, can claim the exemption since his/her name is on the deed (beneficiaries have ownership - trustees have control) then the property is effectively a homestead. Some states like Florida demand that the trust be passive. Alternatively, Real Estate Secrets helps in removing 100% of property taxes, so long as the property is outside municipality boundaries.
| State | Exemption Amount | Married / Joint Owners |
|---|
| Alabama | $15,000 | $30,000 |
| Alaska | $72,900 | SAME |
| Arizona | $150,000 | SAME |
| Arkansas | UNLIMITED | SAME |
California
| $600,000 | $100,000 |
| Colorado | $75,000 | $150,000 |
| Connecticut | $75,000 | $150,000 |
| Delaware | $125,000 | SAME |
| Florida | UNLIMITED | SAME |
| Georgia | $21,500 | $43,000 |
| Hawaii | $20,000 | SAME |
| Idaho | $100,000 | SAME |
| Illinois | $15,000 | $30,000 |
| Indiana | $19,300 | $38,600 |
| Iowa | UNLIMITED | SAME |
| Kansas | UNLIMITED | SAME |
| Kentucky | $5,000 | SAME |
| Louisiana | $35,000 | SAME |
| Maine | $47,500 | SAME |
| Maryland | $22,975 | SAME |
| Massachusetts | $500,000 | SAME |
| Michigan | $30,000 | SAME |
| Minnesota | $390,000 | SAME |
| Mississippi | $75,000 | SAME |
| Missouri | $15,000 | SAME |
| Montana | $250,000 | SAME |
| Nebraska | $60,000 | SAME |
| Nevada | $550,000 | SAME |
| New Hampshire | $100,000 | SAME |
| New Jersey | $0 | SAME |
| New Mexico | $60,000 | $120,000 |
| New York | $165,550 | $331,100 |
| North Carolina | $35,000 | $70,000 |
| North Dakota | $100,000 | SAME |
| Ohio | $136,925 | SAME |
| Oklahoma | UNLIMITED | SAME |
| Oregon | $40,000 | SAME |
| Pennsylvania | $0 | SAME |
| Rhode Island | $500,000 | SAME |
| South Carolina | $58,255 | $116,510 |
| South Dakota | UNLIMITED | SAME |
| Tennessee | $5,000 | $7,500 |
| Texas | UNLIMITED | SAME |
| Utah | $20,000 | $40,000 |
| Vermont | $125,000 | $250,000 |
| Virginia | $5,000 | $10,000 |
| Washington | $125,000 | SAME |
| West Virginia | $25,000 | $50,000 |
| Wisconsin | $75,000 | $150,000 |
| Wyoming | $20,000 | $40,000 |
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