CFE CFE Exemptions & Classifications

Question 1

What is the maximum homestead exemption available to a Florida property owner on the assessed value of their primary residence?

Accepted Answer

$50,000

Answer

$25,000

Answer

$75,000

Answer

$100,000

Question 2

Under Florida law, which constitutional amendment caps the annual increase in assessed value for homesteaded properties?

Accepted Answer

Amendment 10 (Save Our Homes)

Answer

Amendment 1

Answer

Amendment 5

Answer

Amendment 3

Question 3

Which Florida statute governs the classification of agricultural land for property tax purposes?

Accepted Answer

F.S. 193.461

Answer

F.S. 193.011

Answer

F.S. 196.031

Answer

F.S. 192.001

Question 4

What is the 'portability' benefit available to Florida homeowners?

Accepted Answer

The ability to transfer up to $500,000 of accumulated Save Our Homes benefit to a new Florida homestead

Answer

The ability to transfer their homestead exemption to another state

Answer

The right to keep the same tax rate when moving counties

Answer

An exemption for first-time home buyers moving within Florida

Question 5

Which of the following properties is typically classified as exempt from ad valorem taxes in Florida?

Accepted Answer

Government-owned property used for public purposes

Answer

Rental condominiums

Answer

Vacant commercial land

Answer

Timeshare units

Question 6

A Florida property appraiser receives a late homestead exemption application. Under what circumstance may a late application be accepted?

Accepted Answer

If the applicant was hospitalized or had a medical emergency preventing timely filing

Answer

Never — all applications must be filed by March 1

Answer

If the property was purchased after January 1

Answer

If the applicant submits a $100 late fee