In the City of Albany, suppose the mill rate for the property tax is $33 for...

In the City of Albany, suppose the mill rate for the property tax is $33 for the year 2020 and the appraised value for your home is $300,000, how much would your property tax be in 2020?

Expert Solution

Mill rate is that amount of tax that is payable for every dollar of the appraised value of the property. It is basically the amount per $1000 of the appraused value of the property. That is,

Property Tax= (Mill Rate*Taxable appraised Value)/1000

In this case,

Property Tax= ($33*$300000)/1000

= $9,900

ekkarill92 answered 2 years ago

(Determination of property tax rate) The City of Weston is preparing its budget for calendar year...

(Determination of property tax rate) The City of Weston is preparing its budget for calendar year 2013. After estimating revenues from all other sources, the City calculates that it must raise $7,000,000 from property taxes. You are given the following information regarding the tax rate: Property taxes to be collected $7,000,000 Estimated uncollectible property taxes $70,707 Total assessed value of property at beginning of 2013 $65,000,000 Expected reduction in assessed value from appeals $200,000 ...

18.(Determination of property tax rate)The City of Weston is preparing its budget for calendar year 2009....

18.(Determination of property tax rate)The City of Weston is preparing its budget for calendar year 2009. After estimating revenues from all other sources, the City calculates that it must raise $7,000,000 from property taxes. You are given the following information regarding the tax rate: Property taxes to be collected $ 7,000,000 Allowance for uncollectible property taxes = 1% of the levy Total assessed value of property at beginning of 2009 $ 65,000,000 Expected reduction in assessed value from appeals $ ...

The property tax paid by homeowners in a large city was determined to be normally distributed...

The property tax paid by homeowners in a large city was determined to be normally distributed with a mean of $2,800 and a standard deviation of $400. A random sample of 4 homes was drawn. a. what is the probability distribution of the mean of the sample of four homes? b. Determine the probability the sample mean falls between $2,500 and $2,900. c. How would you answer this question if property tax is not normally distributed?

implement a step by step property tax policy to raise the revenue of a city in...

implement a step by step property tax policy to raise the revenue of a city in order to reduce the dependence on state and federal aid. take under consideration the local businesses so that the poor dont get affected by the policy Implement a policy to raise property tax on businesses in order to raise revenue for a city

You are in the 33% marginal tax rate. The stock you purchased at the beginning of...

You are in the 33% marginal tax rate. The stock you purchased at the beginning of the year has increased in value by $27,000. a. If you sell the stock today, your capital gain will be classified as short-term. At what rate would you be taxed, and what would be your tax liability? Tax rate % Tax liability $8910 b. If you waited a month, your capital gain would be classified as long-term. At what rate would you be taxed,...

Panther City has two major sources of revenues, property tax and sales tax, which are billed...

Panther City has two major sources of revenues, property tax and sales tax, which are billed according to the schedule at the top of the next page. Traditionally, property tax revenue have been received in cash according to the following schedule: 30 percent one month following the billing date 20 percent in second month 20 percent in third month 9 percent in fourth month 8 percent in fifth month 6 percent in sixth month 7 percent are not collected The...

The city of Springvale levies a tax on the value of real property located within its...

The city of Springvale levies a tax on the value of real property located within its city limits. The tax equals 2 percent of the property’s assessed value up to $500,000 plus 4 percent of the value in excess of $500,000. Compute the tax on real property valued at $492,000. Compute the tax on real property valued at $802,500. Firm H operates its business in State H, which levies a 6 percent sales and use tax. This year, the firm...

The City of Albany is considering three proposals to renovate one of its buildings. Company A...

The City of Albany is considering three proposals to renovate one of its buildings. Company A charges $30,000 upfront payment now and requires three annual payments of $5,000 in the next three years (annual payment coming at the end of each year). Company B offers to get the project done with a total cost of $40,000, which is due now at the beginning of the project. Company C will not bill the city until the project is done in three...

A city uses a Property Tax Collection Custodial Fund to account for the collection of property taxes for itself, a county, and a school district.

Part VII: Custodial FundsA city uses a Property Tax Collection Custodial Fund to account for the collection of property taxes for itself, a county, and a school district. Prepare journal entries to record the following transactions and events for city’s Custodial Fund during calendar year 2020.During 2020, property taxes were levied for the city ($6,000,000), the county ($3,000,000) and school district ($9,000,000). Assume taxes collected by the Custodial Fund for the city will be paid to the city’s General Fund.Property...

Suppose the corporate tax rate is 35%, and investors pay a tax rate of 15% on...

Suppose the corporate tax rate is 35%, and investors pay a tax rate of 15% on income from dividends or capital gains and a tax rate of 37.3% on interest income. Your firm decides to add debt so it will pay an additional $20 million in interest each year. It will pay this interest expense by cutting its dividend. a. How much will debt holders receive after paying taxes on the interest they earn? b. By how much will the...

Question