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Unlike community property states, Florida follows equitable distribution rules. In divorce cases, this means the court divides marital assets based on fairness, not necessarily equally. Florida law also allows residents to set up community property trusts or preserve community property rights from other states when one spouse passes away.

Under U.S. tax law, Section 1245 property consists of personal and other tangible depreciable property that is not real estate, such as machinery or equipment. This designation is key for tax purposes, as it governs how the gain from selling the property is treated, including the rules for depreciation recapture.

Under U.S. tax law, Section 1250 property includes depreciable real estate like rental residences, commercial buildings, office spaces, warehouses, factories, and building structures. This designation is key for calculating taxes on gains from sales, especially concerning the recapture of depreciation.

Under a land contract, the buyer typically bears responsibility for paying property taxes, since they take on duties similar to ownership during the payment period. However, the exact arrangement depends on the contract terms, and the buyer and seller may agree to alternatives, such as the seller paying the taxes or prorating them between both parties.

Under California’s Proposition 19, property held by an LLC generally avoids reassessment if no new individual acquires more than 50% ownership or control of the LLC. This means the underlying property retains its existing assessed value for property tax purposes. This principle was examined in the case of Ocean Avenue LLC.