### 5.3 Property Tax

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• Math Help

Another way to determine the tax savings in Example 6 is to first calculate the property tax without the exemption.

Next, subtract the property tax found in Example 6 to obtain

This matches the tax savings found in Example 6.

• Consumer Suggestion

Looking for more information on tax exemptions or taxes in general? Visit the IRS website for useful information, forms, and more.

• Checkpoint Solution

The amount of the exemption is

This is under the maximum, so the exemption is \$3680.

The property tax is

The tax savings from the \$3680 reduction in the assessed value is

The veteran pays \$3146.40 in property tax each year and saves \$349.60 from
the exemption each year.

From age 26 to age 40, the veteran pays \$47,196.00 in property taxes and saves \$5244.00 from the exemption.

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