Real Estate Math
A Florida homestead property has a market value of $350,000. The Save Our Homes (SOH) assessed value is $280,000. After the $50,000 homestead exemption, the taxable value is:
A$230,000✓ Correct
B$280,000
C$300,000
D$250,000
Explanation
Taxable value = SOH assessed value − Homestead exemption = $280,000 − $50,000 = $230,000. Using the values given ($350,000, $280,000), apply the appropriate formula.. The correct answer is $230,000.. This is a common calculation on the Florida real estate exam.
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