Question

Mrs. Smith owns a piece of Florida real estate. Her school board millage rate is 4.5, City rate is 3.8 and County rate are 2.4 mils. Her home has been assessed at $225,000. She has a homestead exemption. Using the base homestead exemption, how much money does Mrs. Smith save?

Answer 1

The answer is: $ 10,125.

Step-by-step explanation:

Mrs. Smith has a farm exemption.

The mileage rate of your school board is 4.5, which is the one that would correspond to your place of residence. Your home has been evaluated at $ 225,000 which multiplied by 4.5 and divided by 100 is equal to: $ 10,125.

The answer is: $ 10,125.

Answer 2

$422.5

Step-by-step explanation:

Assessable value after first homestead exemption $25000= $200000

Tax on second $25000=$267.5($112.5 school board tax+$95 county tax +$60 citty tax)

Tax on third $25000=$112.5(onl on school district tax)

Tax on balance = $10.7*150=$1605

Total tax =$1985

Money saved= $267.5+$155=$422.5