CFE CFE Exemptions & Classifications 1 — Questions and Answers
Question 1: What is the maximum homestead exemption available to a Florida property owner on the assessed value of their primary residence?
- $25,000
- $50,000 (Correct answer)
- $75,000
- $100,000
Correct answer: $50,000
Florida homeowners may receive up to $50,000 in homestead exemption — $25,000 applies to all property taxes and an additional $25,000 applies to non-school taxes.
Question 2: Under Florida law, which constitutional amendment caps the annual increase in assessed value for homesteaded properties?
- Amendment 1
- Amendment 10 (Save Our Homes) (Correct answer)
- Amendment 5
- Amendment 3
Correct answer: Amendment 10 (Save Our Homes)
Amendment 10, known as Save Our Homes, limits the annual increase in assessed value of a homesteaded property to 3% or the CPI increase, whichever is less.
Question 3: Which Florida statute governs the classification of agricultural land for property tax purposes?
- F.S. 193.011
- F.S. 193.461 (Correct answer)
- F.S. 196.031
- F.S. 192.001
Correct answer: F.S. 193.461
F.S. 193.461 governs the classification of agricultural lands and requires the property appraiser to assess such land at its agricultural use value.
Question 4: What is the 'portability' benefit available to Florida homeowners?
- The ability to transfer their homestead exemption to another state
- The ability to transfer up to $500,000 of accumulated Save Our Homes benefit to a new Florida homestead (Correct answer)
- The right to keep the same tax rate when moving counties
- An exemption for first-time home buyers moving within Florida
Correct answer: The ability to transfer up to $500,000 of accumulated Save Our Homes benefit to a new Florida homestead
Portability allows Florida homeowners to transfer up to $500,000 of their accumulated Save Our Homes assessment differential to a new Florida homestead within three years.
Question 5: Which of the following properties is typically classified as exempt from ad valorem taxes in Florida?
- Rental condominiums
- Government-owned property used for public purposes (Correct answer)
- Vacant commercial land
- Timeshare units
Correct answer: Government-owned property used for public purposes
Government-owned property used for public purposes is constitutionally exempt from Florida ad valorem taxes under Article VII, Section 3.
Question 6: A Florida property appraiser receives a late homestead exemption application. Under what circumstance may a late application be accepted?
- Never — all applications must be filed by March 1
- If the applicant was hospitalized or had a medical emergency preventing timely filing (Correct answer)
- If the property was purchased after January 1
- If the applicant submits a $100 late fee
Correct answer: If the applicant was hospitalized or had a medical emergency preventing timely filing
Under F.S. 196.011(8), late homestead exemption applications may be accepted if the failure to file was due to extenuating circumstances such as illness or hospitalization.
CFE CFE Exemptions & Classifications 1
What is the maximum homestead exemption available to a Florida property owner on the assessed value of their primary residence?