The Johnsons qualify for Florida homestead exemption on their primary residence valued at $350,000. What is the taxable value of their property for county taxes?
Correct Answer
A) $300,000
Florida's homestead exemption gives qualifying homeowners a base $25,000 exemption that applies to all taxing authorities, plus an additional $25,000 exemption on assessed value between $50,000 and $75,000 that applies to non-school taxes such as county taxes. Applied to the $350,000 home: $350,000 - $25,000 - $25,000 = $300,000 taxable value for county purposes.
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