Question

Using a millage rate of 29.17 and a homestead exemption of $59,000 (for primary residence), determine the tax liability for each of the following individuals:

Aarav whose primary residence is valued at $165,000.

Mia who owns a rental home (non-primary residence) valued at $20,000.

Harper who owns a primary residence valued at $2,456,000.

Answer 1

Aarav		Primary Residance Value				1,65,000.00
		Less :Homestead Exemption				59,000.00
		(Allowed only to primary Residance)
		New Taxable Value				1,06,000.00
		Millage Rate				2.1970%
		Net Tax Liability				2,328.82
Mia		Non Primary Residance Value				20,000.00
		(Allowed only to primary Residance)
		Less :Homestead Exemption				-
		New Taxable Value				20,000.00
		Millage Rate				2.1970%
		Net Tax Liability				439.40
Harper		Non Primary Residance Value				24,56,000.00
		(Allowed only to primary Residance)
		Less :Homestead Exemption				59,000.00
		New Taxable Value				23,97,000.00
		Millage Rate				2.1970%
		Net Tax Liability				52,662.09