Question

f the assessed value of a house is $110,000 and the owner is eligible for a homestead exemption of $5,000, the new assessed value of the house is

Answer 1

Answer:

The new assessed value of the house is US$ 105,000

Step-by-step explanation:

1. Let's review the information given to answer this question correctly:

Assessed value of the house = US$ 110,000

Homestead exemption = US$5,000

2. Let's find the new assessed value of the house:

New Assessed value of the house = Old Assessed value of the house -

Homestead exemption

New Assessed value of the house = 110,000 - 5,000

New Assessed value of the house = 105,000

Let's recall that a homestead tax is normally applied to homes based on the assessed value of the property by the local government tax office. The homestead tax can be a percentage of the property's value or a fixed amount.  This exemption may offer ongoing reductions in property taxes depending on local state laws.