A residence in Sullivan County has gross assessed value of $15,000. Its owner qualifies for an old age exemption of $1,000 and a homestead exemption of $2,000. The property tax rate is $5.00 per $100 of assessed value. What will the property tax bill equal on this property?
$750
$700
$650
$600
Expert Answer
Exemptions from tax = 1000+2000 = 3000
Taxable value = 15000-3000 = 12000
Total property tax = 5*120 = 600 $