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5.3 Property Tax

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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    system user
    Guest   7 years ago |
    The National Taxpayers Union has estimated that over 60% of properties in the United States are assessed too high. People are paying too much in property taxes. However, despite these growing property tax bills, less than half of homeowners will ever protest their assessments. That means most people are needlessly paying more in property taxes than necessary. The bottom line is that the appeal process is not as challenging as many homeowners fear.
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