Florida Real Estate Practice Exam

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Jessica and Eric's home has homestead status. The just (market) value of their home is $200,000, and they have $20,000 in SOH protections. What is the assessed value of their home after the SOH protections are applied?

A. $160,000
B. $180,000
C. $200,000
D. $220,000

The correct answer is: B. $180,000

After the SOH protections are applied, the assessed value of Jessica and Eric's home would be $180,000. This is because SOH protections reduce the assessed value of a homestead property by the difference between the just (market) value and the SOH value. In this case, the SOH value is $20,000 and the just value is $200,000, so the assessed value is reduced by $20,000, resulting in an assessed value of $180,000. Options A and C are incorrect because they do not take into account the SOH protections. Option D is incorrect because it assumes that the assessed value is equal to the just value, which is not the case.