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

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?

Accepted Answer

Amendment 10 (Save Our Homes)

Answer

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?

Accepted Answer

F.S. 193.461

Answer

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?

Accepted Answer

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

Answer

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?

Accepted Answer

Government-owned property used for public purposes

Answer

Government-owned property used for public purposes is constitutionally exempt from Florida ad valorem taxes under Article VII, Section 3.

CFE - Certified Florida Evaluator Practice Test

CFE - Certified Florida Evaluator Practice Test

CFE CFE Exemptions & Classifications