Answer:
The new assessed value of the house is US$ 105,000
Explanation:
1. Let's review the information given to answer this question correctly:
Assessed value of the house = US$ 110,000
Homestead exemption = US$5,000
2. Let's find the new assessed value of the house:
New Assessed value of the house = Old Assessed value of the house -
Homestead exemption
New Assessed value of the house = 110,000 - 5,000
New Assessed value of the house = 105,000
Let's recall that a homestead tax is normally applied to homes based on the assessed value of the property by the local government tax office. The homestead tax can be a percentage of the property's value or a fixed amount. This exemption may offer ongoing reductions in property taxes depending on local state laws.