Calculate the total annual tax liability of the homeowner

Reference no: EM132208110

Questions -

Q1. Given the following information, calculate the total annual tax liability of the homeowner. Market value of property: $350,000, Assessed value of property: 80 % of the market value, Exemptions: $7,000, Millage Rate: 33.95 mills.

Q2. Given the following information, compute the effective tax rate for the particular piece of property in percentage terms. Market value of property: $300,000, Assessed value of property: $240,000, Exemptions: $50,000, Taxes paid: $4,500.

Q3. Given the following information, compute the taxable value for the particular piece of property in dollar terms. Market value of property: $400,000, Assessed value of property: 85% of the market value of the property, Exemptions: $25,000, Taxes paid: $8,250.

Q4. What is the millage rate for Q3?

Reference no: EM132208110

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