You are eligible for the homestead exemption if all of the following are true:
- You created the trust to be effective during your lifetime (an inter vivos trust).
- You provided the assets for the trust (you are the settlor).
- You can terminate the trust at any time (it is a revocable trust).
- The trust agreement contains a provision that says you have complete possession of the property.
Most of the other common forms of property ownership (such as survivorship deeds) also qualify for the exemption. Properties owned by corporations, partnerships, limited liability companies and trusts other than the trust described above are not eligible for the homestead exemption because such properties are not owned by an individual. If you have questions about what constitutes eligible home ownership for the homestead exemption, consult your county auditor.