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?

Question

Quizplus · Accepted Answer

The net assessed value of the property after exemptions will be $15,000 - $1,000 - $2,000 = $12,000. 
Then, the total property tax bill will be 5% of $12,000 = $600. 
Therefore, the correct answer is option C.

A Residence in Sullivan County Has Gross Assessed Value of $15,000