No, it means that you will be taxed on the assessed value of your property minus an exemption of $50,000 for all non-school taxes if you are homesteaded.. Therefore, if your home is assessed at $250,000 you will be taxed on $200,000. You have to be a legal resident of Florida in order to qualify for the exemption.
The exemption becomes of major importance if ever real estate prices in Florida start back up, because assessed valuations on homesteads cannot exceed 3% per year.
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