Could Trump’s Florida Move Qualify Him for a Tax Exemption?

[Formerly Once-Ler]

https://www.truthorfiction.com/trump-florida-homestead-exemption/

As the real estate news site TheRealDeal.com reported in October 2018, Florida is one of six states without a cap on what is known as a “homestead exemption” protecting homes from creditors. That exemption is broad enough that, because of a 2011 ruling by the Florida Supreme Court, it covers homes bought with “the specific intent of hindering, delaying, or defrauding creditors.”

According to The Real Deal:

    The ruling has turned into a nightmare for lenders and asset-recovery lawyers nationwide. Because many debtors across the U.S. can, in theory, move to Florida at a moment’s notice and buy a house, they know that a part of their fortune equivalent to the value of a hypothetical Florida mansion can’t ever be seized by creditors. Of all of Florida’s eccentric laws, the homestead exemption is the one it sort of managed to force on the rest of the country as well.

    “We’ll have a lawsuit against somebody where they will say ‘You can sue me, and might even win, but by the time you win I’m going to sell my house up here and all my other assets and I’m going to buy a house in Florida’,” said Schuyler Carroll, a New York-based asset-recovery attorney at Perkins Coie, adding that he’s been involved in dozens of cases where the exemption came up. “So we settle.”

If Trump was about to be raped by the NY courts, a FL home might protect him from asset seizures.

[Wingnut]

https://www.truthorfiction.com/trump-florida-homestead-exemption/

If Trump was about to be raped by the NY courts, a FL home might protect him from asset seizures.

Coumo has him now.

[InHeavenThereIsNoBeer]

The Homestead Exemption excludes the first $25,000 (might be 50 after the last election?) of assessed value on your primary residence from (most) property tax.  This is a tax exemption.

What the article describes is a law that protects your primary residence from being seized in civil litigation.  I don't know if this is also referred to as a "homestead exemption", but it's not a tax exemption.

[libertybele]

In the State of Florida, the Homestead Exemption is a constitutional benefit of up to a $50,000 exemption removed from the assessed value of your property. It is granted to those who possess title to real property and are bona fide Florida residents living in the dwelling and making it their permanent home on January 1.

Trump would benefit somewhat from the homestead tax exemption, but when you're talking property in the millions, $50,000 is not a whole lot.  He will benefit from no state income tax, no social security tax, no inheritance tax in the state of FL.

The Homestead Exemption has nothing to do with property seizure.

If I am understanding correctly, property can be seized IF it is connected to a crime.  So perhaps they may seize property in NY but unable to seize his property in FL??