Anna is helping her mother, Mary, calculate-ffe real estate taxes on Mary\'s hom

Question

Anna is helping her mother, Mary, calculate-ffe real estate taxes on Mary's home in Atlant Georgia. The house has a market value of $320,000, and the rate of assessment is 40%. The state tax rate is 25 mills, and the county tax rate is 30 mill, Anna explains that the total real estate tax is the sum of both state and county taxes. She also determines Mary can subtract $2,000 from her home's assessed value for a homestead tax exemption (a tax break on the property that the owner area as his or her primary residence). on much is Mary's real estate

Explanation / Answer

Assessed value of the house = $320000*40%

= $128000

Real estate tax = 128000* 0.025 + 128000 * 0.03

= $7040

Mary's real estate tax = $7040 - $2000

= $5040

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