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?

Solutions

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

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