A Residence in Sullivan County Has Gross Assessed Value of $15,000

question 25

Multiple Choice

A residence in Sullivan County has gross assessed value of $15,000. Its owner
qualifies for an old age exemption of $1,000 and a homestead exemption of $2,000. The property tax rate is $5.00 per $100 of assessed value. What will the property tax bill equal on this property?

• A) $750
• B) $700
• C) $650
• D) $600

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Definitions:

Material Price Variances

Material price variances represent the difference between the actual cost of raw materials used in production and the expected or standard cost.

Sales Department

The division within a company responsible for the sale of products and services, including marketing and customer relations.

Operating Income

The difference between gross profit and operating expenses.

Decision-Making Processes

The steps or stages involved in choosing between alternatives to reach a conclusion or determine a course of action.