The bill amends section 196.041 of the Florida Statutes to clarify the eligibility criteria for homestead exemptions related to leasehold interests. It specifies that lessees who own a leasehold interest in a bona fide lease with an original term of 98 years or more in a residential or condominium parcel can qualify for homestead exemptions, even if the lease terminates upon the death of the lessees. Additionally, it includes provisions for vendees in possession of real estate under bona fide contracts and individuals residing on real estate through dower or other limited estates.

The bill also states that the amendment is remedial and clarifying in nature, ensuring that the changes serve to clarify existing law rather than create new legal standards. The act will take effect upon becoming law, thereby providing immediate clarity on the eligibility for homestead exemptions for certain leasehold interests.

Statutes affected:
H 227 Filed: 196.041