Final answer:
Without the exact value of the homestead exemption, we cannot calculate the exact savings it provides to the homeowner. However, using a hypothetical exemption value of $50,000, we could say that it would save the homeowner $1,200 annually in property taxes, but this is not a definitive answer to the question asked.
Step-by-step explanation:
To calculate the amount a homestead exemption saves the homeowner, we first need to know what the homestead exemption amount is. Typically, a homestead exemption will remove a certain portion of the property's value from taxation. However, the specific value of the homestead exemption is not provided in the question, making it impossible to calculate the savings.
If we assume the homestead exemption is a standard amount, such as $50,000 (a common exemption amount in some places), we could then calculate the tax savings. One mill is equal to $1 of tax per $1,000 of assessed property value. The total tax rate is the sum of county, city, and school board tax rates, which in this case is 7 + 8 + 9 = 24 mills.
Without the exemption, the total annual property tax is calculated by multiplying the assessed value by the total millage rate:
Assessed Value ($249,000) / 1,000 * Total Millage Rate (24 mills) = $5,976 in taxes.
With a $50,000 exemption, the assessed value for taxation would be $249,000 - $50,000 = $199,000. Doing the same calculation with the reduced value gives:
New Assessed Value ($199,000) / 1,000 * Total Millage Rate (24 mills) = $4,776 in taxes.
The homestead exemption saves: $5,976 - $4,776 = $1,200.
But since we don't have the specific homestead exemption value, we cannot answer the question definitively. We can only provide a hypothetical example.