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:

Question

Quizplus · Accepted Answer

The exemption described in the scenario is commonly known as the homestead exemption.

In the State of Florida,for Example,homeowners May Qualify for a Tax