Patricia's home has a just value of $280,000 and qualifies for homestead exemption. The property has a $50,000 homestead exemption ($25,000 standard + $25,000 additional). If the millage rate is 20 mills, how much will she save in property taxes due to the homestead exemption?
Correct Answer
D) $1,000
Correct: D - $1,000. Tax savings = Exemption amount × Millage rate = $50,000 × 0.020 = $1,000. Why not A: This option is incorrect because "$500" does not match the rule tested by the question. The correct answer is "$1,000". Tax savings = Exemption amount × Millage rate = $50,000 × 0.020 = $1,000. Why not B: This option is incorrect because "$1,500" does not match the rule tested by the question. The correct answer is "$1,000". Tax savings = Exemption amount × Millage rate = $50,000 × 0.020 = $1,000. Why not C: This option is incorrect because "$2,000" does not match the rule tested by the question. The correct answer is "$1,000". Tax savings = Exemption amount × Millage rate = $50,000 × 0.020 = $1,000.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
Community property is a system where property acquired during a marriage is owned equally by both spouses.
A freehold estate represents ownership of real property with an indefinite duration.
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Previous Question
Carlos and his wife own two homes in Florida: one in Miami where they live 8 months per year, and one in Tallahassee where they live 4 months per year. Both are considering claiming homestead exemption. What is the correct advice?
Next Question
David moves from New York to Florida and purchases a home in Orlando on February 1st, immediately establishing residency and moving in. When is the earliest he can apply for homestead exemption?