Final answer:
The first tax installment on a property with an assessed value of $180,000, assuming it is eligible for a homeowner's exemption, would be $3,400.
Step-by-step explanation:
To calculate the first tax installment, we need to know the tax rate for the property and the assessed value. Since the property is eligible for a homeowner's exemption, we will need to consider the discount applied.
Let's assume the tax rate is 2%. With an assessed value of $180,000, the property tax would be $3,600 ($180,000 * 0.02). Now, let's consider the homeowner's exemption. This exemption varies by location, so for the sake of this example, let's assume it is $10,000. This means the taxable value of the property would be $170,000 ($180,000 - $10,000).
Applying the tax rate to the taxable value, the property tax due would be $3,400 ($170,000 * 0.02). Therefore, the first tax installment on this property would be $3,400.