Question

1. What is the total property tax bill for your house in Ohio with a market value of $200,000? Note the following and show your calculations in the space below: • You are eligible for the $25,000 Homestead Exemption. • The City in which you live has a millage rate of 70. • Don’t forget – in Ohio, residential taxable value is 35% of assessed value

Answer 1

Answer:

$3,150

Explanation:

Assessed Value= Market Value x 35%

= $200,000 x 35%= $70,000

Current Real Estate Tax= (Assessed Value-Homestead Exemption) x Millage Rate/1000

= ($70,000-25,000)*70/1000= $3,150

Answer 2

Answer:

$3150

Explanation:

Homestead  exemptions applies to primary residences, not rental or investment properties, it exempt a particular amount or percentage of home value from property taxes.

Millage rate is calculated as the amount of tax required to be paid per dollar of a property's value

taxable value of the house  = $200,000 *35/100 = $70000

Total property tax = ($70,000- $25,000 )* 70/1000

=   $3150