A homestead property in Orange County has an assessed value of $400,000. The homestead exemption reduces the taxable value by $50,000, and the county tax rate is 8.5 mills. How much will the owner save in property taxes due to the homestead exemption?
Correct Answer
B) $425
Correct: $50,000 × 0.0085 (8.5 mills) = $425 in tax savings. A is incorrect calculation ($50,000 × 0.0065). C is incorrect calculation ($50,000 × 0.01). D is incorrect calculation ($50,000 × 0.0125).
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Previous Question
Lisa, a widow with two minor children, dies owning homestead property in Tampa. Her will leaves the property to her sister instead of her children. What happens to the property under Florida law?
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Mark owns two properties in Florida: a condo in Miami where he lives 8 months per year, and a house in Gainesville where he lives 4 months per year while teaching at the university. He wants to claim homestead exemption on both properties. What is the result?