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CFE Exemptions & Classifications Flashcards

6 cards from real CFE practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

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  1. What is the maximum homestead exemption available to a Florida property owner on the assessed value of their primary residence?

    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.

  2. Under Florida law, which constitutional amendment caps the annual increase in assessed value for homesteaded properties?

    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.

  3. Which Florida statute governs the classification of agricultural land for property tax purposes?

    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.

  4. What is the 'portability' benefit available to Florida homeowners?

    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.

  5. Which of the following properties is typically classified as exempt from ad valorem taxes in Florida?

    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.

  6. A Florida property appraiser receives a late homestead exemption application. Under what circumstance may a late application be accepted?

    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.