A property in Lake County, Ohio is appraised at $350,000 by the County Auditor. The owner believes it should be valued at $290,000 and files a complaint with the Board of Revision, which agrees and reduces the value to $290,000. At 35% assessment and a total millage rate of 90 mills, how much will the owner save annually?
Correct Answer
A) $1,890
Step 1: Old assessed value = $350,000 × 0.35 = $122,500. Step 2: New assessed value = $290,000 × 0.35 = $101,500. Step 3: Difference = $122,500 − $101,500 = $21,000. Step 4: Tax savings = $21,000 × 0.090 = $1,890.
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