Question

Emma's property is assessed at $650,000. her property qualified for a $50,000 homestead tax exemption and was appraised at $800,000. what is the taxable value of emma's property?

Answer 1

Emma's taxable property value should be $600,000 since her taxes will be based on the assessment not the appraisal and also because she gets the $50,000 tax reduction so therefore to reiterate she will be taxed on only the $600,000.