Real Estate Math
A Florida property is assessed at $220,000. The homeowner has a homestead exemption of $50,000 and an additional $25,000 homestead exemption for the portion above $50,000 (combined $75,000 total). The millage rate is 20 mills. What is the annual tax?
A$4,400
B$2,900✓ Correct
C$3,900
D$2,700
Explanation
Florida's homestead exemption has two tiers: $50,000 applies to all taxing authorities, and an additional $25,000 applies to non-school levies. For simplicity (combined), taxable value = $220,000 − $75,000 = $145,000.
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