A Property Is Valued at $100,000, but the Property Owner

question 30

Multiple Choice

A property is valued at $100,000, but the property owner only has to pay taxes on $75,000. Why is this?

• A) The property is likely located in one of the state's tax havens.
• B) The homestead exemption applies.
• C) The property assessor undervalued the property.
• D) The low-tax exemption applies.

---

Definitions:

Magnetic Strips

Strips of magnetic material often used on credit cards and identification cards to store data digitally for swipe access or transactions.

Homeowners' Insurance

A form of property insurance that covers losses and damages to an individual's house and assets in the home.

Hazards

Potential sources of danger or harm to health, safety, or the environment.

Writ of Attachment

is a legal document issued by a court ordering the seizure of property to secure satisfaction of a judgment.