Property Tax Calculation

Does everyone understand property tax calculations?

For example, what would be the property tax for a property with an estimated market value of $150,000 (assessor's or tax district's estimation), an assessment ratio of 75%, and the following millage rates: 10 mills for County, 5 mills for library, 25 mills for school district, and 20 mills for the municipality. Also, the owner of this property qualifies for a $6,000 homestead exemption.

What is the assessed value?

What are the property taxes?

What is the value (tax savings) of the homestead exemption?

Comment to this post if you would like to take a shot at this.