A residential property in Ohio has a market value of $180,000. The owner receives both the 10% non-business rollback and the 2.5% owner-occupancy credit. If the total millage is 80 mills, what is the effective annual tax after both credits?
Correct Answer
D) $4,410
Step 1: Assessed value = $180,000 × 0.35 = $63,000. Step 2: Gross tax = $63,000 × 0.080 = $5,040. Step 3: 10% rollback = $5,040 × 0.10 = $504. Step 4: 2.5% owner-occupancy = $5,040 × 0.025 = $126. Step 5: Effective tax = $5,040 − $504 − $126 = $4,410.
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