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adell [148]
3 years ago
10

Mrs. Smith owns a piece of Florida real estate. Her school board millage rate is 4.5, City rate is 3.8 and County rate are 2.4 m

ils. Her home has been assessed at $225,000. She has a homestead exemption. Using the base homestead exemption, how much money does Mrs. Smith save?
Business
2 answers:
natima [27]3 years ago
7 0

Answer:

$422.5

Explanation:

Assessable value after first homestead exemption $25000= $200000

Tax on second $25000=$267.5($112.5 school board tax+$95 county tax +$60 citty tax)

Tax on third $25000=$112.5(onl on school district tax)

Tax on balance = $10.7*150=$1605

Total tax =$1985

Money saved= $267.5+$155=$422.5

galben [10]3 years ago
4 0

Answer:

<em><u>The answer is</u></em>: <u>$ 10,125.</u>

<u />

Explanation:

Mrs. Smith has a farm exemption.

The mileage rate of your school board is 4.5, which is the one that would correspond to your place of residence. Your home has been evaluated at $ 225,000 which multiplied by 4.5 and divided by 100 is equal to: $ 10,125.

<em><u>The answer is</u></em>: <u>$ 10,125.</u>

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