In: Economics
Use the following words to script that mirrors a conversation that you might have with a family member regarding annual property taxes paid on your house/property. a. Property Tax b. Percent of Appraised Value c. Mills (Millage Rate) d. Ad Valorem Tax e. Real Estate or Real Property
Relative : good morning ' name ' , where are you coming from right now ?
I : morning , i am on my way back from local administration after filing my property tax returns for the new real estate i recently purchased.
Relative : oh , i heard about an auction of property near by , but i never thought it was you who bid successfully. Any way , what was the appraised value for it ?
I : even though appraised value was $ 10000 , i bid it for $11000 as there was a large number of bidders willing to bid above the value .the estate has a resort at its back side and wide varieties of trees , making it a comfortable one.
Relative : great . I should have come with you to visit the place unfortunately i wasn't here for last one month. Are you liable to pay ad valorem tax?
I : of course . The total value is being assessed by the authority , but millage rate is $ 2 per $ 1000 for the property.
Relative : ok. Please remember to call me next time you go there.bye...
I : bye..