Illustrate numerically what are the property taxes for aresidential property valued at $100,000, having an...

Illustrate numerically what are the property taxes for a residential property valued at $100,000, having an assessment rate of 10%, and a millage rate of 68 mils?

Expert Solution

Here Property Value = $100,000

Assessment Rate = 10%

So Assessed Value = 100000* 10% = $10,000

millage rate = 68 mils = 68/1000 = 0.068

Hence Property total tax = Assessed Value* millage rate

= 10000* 0.068 = $680

jeff jeffy answered 2 years ago

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