In the state of Florida, for example, homeowners may qualify for a tax exemption in which up to $50,000 will be deducted from the assessed value of the property before taxes are calculated as long as the property owner occupies a home as the family's principal residence and has claimed residency within the state. This exemption is better known as the:

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The homestead exemption is a tax exemption applicable in some states for homeowners who reside in their property as their primary residence. In Florida, this exemption allows for up to $50,000 to be deducted from the assessed value of the property before taxes are calculated.

In the State of Florida, for Example, Homeowners May Qualify