The Additional (2nd) exemption for values 50K–75K applies to which taxes?

Study for the Florida Mutual Recognition Test. Use flashcards and multiple choice questions, each with hints and explanations. Prepare thoroughly for your exam!

Multiple Choice

The Additional (2nd) exemption for values 50K–75K applies to which taxes?

Explanation:
In Florida, the homestead exemption has two parts. The first portion, up to 25,000, lowers the assessed value for all local taxes, including school taxes. The second portion, from 50,000 up to 75,000, is an additional exemption that lowers only non-school taxes. That’s why the Extra (2nd) exemption reduces City and County taxes but does not reduce School taxes. For example, with a homestead valued at 60,000, the city and county taxes see a tax base of 10,000 (60,000 minus the 50,000 total exemption), thanks to the second exemption. School taxes, however, are calculated on 35,000 (60,000 minus the first 25,000), because the second exemption doesn’t apply to schools.

In Florida, the homestead exemption has two parts. The first portion, up to 25,000, lowers the assessed value for all local taxes, including school taxes. The second portion, from 50,000 up to 75,000, is an additional exemption that lowers only non-school taxes. That’s why the Extra (2nd) exemption reduces City and County taxes but does not reduce School taxes.

For example, with a homestead valued at 60,000, the city and county taxes see a tax base of 10,000 (60,000 minus the 50,000 total exemption), thanks to the second exemption. School taxes, however, are calculated on 35,000 (60,000 minus the first 25,000), because the second exemption doesn’t apply to schools.

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