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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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?
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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?