If I own only 50 percent of the home I live in, do I qualify for the residence homestead exemption on the home?
Yes. However, if you qualify for a homestead exemption and are not the sole owner of the property to which the homestead exemption applies, the exemption you receive is based on the interest you own. For example, you own a 50 percent interest in a homestead and will receive one half or $7,500, of a $15,000 homestead offered by a school district.
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