Homestead property.

(1) Property that is transferred to or acquired subject to a community property trust may continue to qualify or may initially qualify as the settlor spouses’ homestead within the meaning of s. 4(a)(1), Art. X of the State Constitution and for all purposes of general law, provided that the property would qualify as the settlor spouses’ homestead if title was held in one or both of the settlor spouses’ individual names.

(2) The settlor spouses shall be deemed to have beneficial title in equity to the homestead property held subject to a community property trust for all purposes, including for purposes of s. 196.031.

(3) A transfer of homestead property by one or both of the settlor spouses to a community property trust will not be treated as a change of ownership for purposes of reassessing the property and instead qualifies as a change or transfer of legal or equitable title between spouses as described in s. 193.155(3)(a)2.