Real Estate Math
A Florida homeowner's property has an assessed value of $180,000 with a $50,000 homestead exemption. The millage rate is 18 mills. What is the annual property tax?
A$3,240
B$2,340✓ Correct
C$900
D$1,440
Explanation
Taxable value = Assessed Value − Homestead Exemption = $180,000 − $50,000 = $130,000. Annual tax = Taxable Value × Millage Rate. 18 mills = 0.018. $130,000 × 0.018 = $2,340. Always subtract applicable exemptions before applying the millage rate.
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