Inquiries about the Ruth Madoff property in Palm Beach, Florida, have led to incorrect information published recently on various news sites throughout the Internet.
To help clarify, it is important to understand the difference between Florida's Homestead Exemption laws and a Florida property's potential protection from any court-ordered judgment against the property.
A homestead exemption does not mean a property is exempt from any court-ordered judgment relating to a homesteaded property in Florida.
Florida's Homestead Exemption benefit does not guarantee a property cannot be seized in a criminal or civil court-ordered judgment. Nor does Florida's Homestead Exemption benefit protect a property in Florida from a potential civil or criminal judgment, including bankruptcy proceedings.
A homestead exemption is a residency-based property tax savings benefit on a qualified residential property's assessed value. Florida's Property Appraiser offices in each county administer homestead exemptions. Property Appraiser offices in Florida do not administer any protection matters of any property.
To qualify for Florida's Homestead Exemption tax-savings benefit, the property must be the owner's primary residence, must be a permanent resident of Florida and cannot hold any residency-based benefits in other Florida counties or states.