Robert's Ohio property has a market value of $180,000. The County Auditor assesses it at 35% of market value. Robert qualifies for the Homestead Exemption, which exempts $25,000 of assessed value. If the local millage rate is 75 mills, what is Robert's annual property tax after the exemption?
Correct Answer
C) $2,850
Step 1: Assessed value = $180,000 × 0.35 = $63,000. Step 2: After Homestead Exemption: $63,000 − $25,000 = $38,000. Step 3: Tax = $38,000 × 0.075 = $2,850.
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