1c 11 The market value (P) of a property is 800,000. The proper een granted a homestead exemption for $50,000. : The property owner has in a jurisdiction in which the current budget is $10 bis The propery 5o derives from property taxes. The gross assessed value of a cent budget is $10 billion of which The gross assessed value of all taxable Properties is $384,000,000,000. The assessment ratio for Jurisdiction is 70%. Calculate the owner's property tax for the Year points) [T = r (Vi - EL) T = Property tax on property i E = exemption on property i r = tax rate = (Share of property tax in total budget)/(Gross Assessed Value of Taxable Properties) Vi = Assessed Value of property i=(assessment ratio)x(property's marke value) vis. 70 X 700,000 = 560000