Question

A homesteaded property is located in Jupiter, Florida, in Palm Beach County. The property has been assessed at $185,000. The city tax rate is 8.8 mills, the county tax rate is 9.3 mills, and the school board levy is 6.5 mills. The owner is a widow and has qualified for and received homestead tax exemption. How much will the owner pay in property taxes

Answer 1

Answer:

The owner will pay in property taxes the sum of:

= $3,321.

Explanation:

a) Data and Calculations:

Assessed value of property = $185,000

City tax rate =                8.8 mills

County tax rate =          9.3 mills

School board levy =     6.5 mills

Total property rate = 24.6 mills

Homestead tax exemption in Florida = $50,000

Taxable property value = $135,000 ($185,000 - $50,000)

Property tax liability = $135,000 * 24.6/1,000 = $3,321