(TCO D) A residence in Brevard County has an assessed value of $150,000. Its own

Q: TCO D) A residence in Brevard County has an assessed value of $150,000. Its own

1.1 Correct Answer: $6000 Working Note: total assessment value = $150,000 Items under tax exemption Old age exemption = $10,000 Homestead exemption of $20,000 Total Exemption = 10000+20000 = 30000 Total Value applicable for tax = 150000 - 30000 = 120000 Tax payment rate = 5% or ($5 per $100) Final tax bill = 5% * 120000 = $6000

ID: 2650083 • Letter: #

Question

(TCO D) A residence in Brevard County has an assessed value of $150,000. Its owner qualifies for an old age exemption of $10,000 and a homestead exemption of $20,000. The property tax rate is $5 per $100 AV. What will be the property tax bill on this property? (Points : 4)        $7,500
       $7,000
       $6,500
       $6,000

Question 2. 2. (TCO E) Federal government taxes consumption mainly through: (Points : 4)        general retail sales taxes.
       value added taxes (VAT).
       selective excise taxes.
       payroll taxes.

Explanation / Answer

1.1

Correct Answer:

$6000

Working Note:

total assessment value = $150,000

Items under tax exemption

Old age exemption = $10,000

Homestead exemption of $20,000

Total Exemption = 10000+20000 = 30000

Total Value applicable for tax = 150000 - 30000 = 120000

Tax payment rate = 5% or ($5 per $100)

Final tax bill = 5% * 120000 = $6000

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(TCO D) A residence in Brevard County has an assessed value of $150,000. Its own

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