Real Estate Math
A Florida homestead property has a market value of $425,000 and an SOH capped assessed value of $340,000. After the $50,000 homestead exemption, what is the taxable value?
A$290,000✓ Correct
B$375,000
C$340,000
D$250,000
Explanation
Taxable value = SOH assessed value − Homestead exemption = $340,000 − $50,000 = $290,000. Using the values given ($425,000, $340,000), apply the appropriate formula.. The correct answer is $290,000.. This is a common calculation on the Florida real estate exam.
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