1. A property has a market value of $76,000. The taxes in the area are levied...
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1. A property has a market value of $76,000. The taxes in the area are levied on 66% of murket value at a rate of $2.50 per $100 of assessed value. How much tax will be charged in one year? 2. Mr. and Mrs. Billings own a house that is valued at $45,000. The assessed value is 55% of market value and the equalization factor is 1.3. The tax rate is 53.5 mills. What will be the tax bill for one year? 3. A property is valued at $46,000. The taxes are levied on 45% of market value and an equalization factor of 1.4 is used. The tax rate is $30 per $1,000 of assessed value. The owners of this property were delinquent in paying the second installment of their tax bill this year, by two months plus two days. What will be the total amount of their second installment if the penalty is 19% per month? (Consider the installments to be equal. Remember, tax penalties are the seller's responsibility; they are not prorated.) 4. A residential property sold for $75,000. The assessed value for tax purposes is 22% of market value. What will be the amount of the tax bill if the tax rate is $6.25 per $100 of assessed value? 5. Julio Martinez, a property owner, received his tax bill for $1.232.50. The published tax rate is $2.25 per $100 of assessed value. What is the assessed value of this property? 1. A property has a market value of $76,000. The taxes in the area are levied on 66% of murket value at a rate of $2.50 per $100 of assessed value. How much tax will be charged in one year? 2. Mr. and Mrs. Billings own a house that is valued at $45,000. The assessed value is 55% of market value and the equalization factor is 1.3. The tax rate is 53.5 mills. What will be the tax bill for one year? 3. A property is valued at $46,000. The taxes are levied on 45% of market value and an equalization factor of 1.4 is used. The tax rate is $30 per $1,000 of assessed value. The owners of this property were delinquent in paying the second installment of their tax bill this year, by two months plus two days. What will be the total amount of their second installment if the penalty is 19% per month? (Consider the installments to be equal. Remember, tax penalties are the seller's responsibility; they are not prorated.) 4. A residential property sold for $75,000. The assessed value for tax purposes is 22% of market value. What will be the amount of the tax bill if the tax rate is $6.25 per $100 of assessed value? 5. Julio Martinez, a property owner, received his tax bill for $1.232.50. The published tax rate is $2.25 per $100 of assessed value. What is the assessed value of this property?
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1 As the market value of property is valued at 76000 then the t... View the full answer
Related Book For
Corporate Finance
ISBN: 978-0077861759
10th edition
Authors: Stephen Ross, Randolph Westerfield, Jeffrey Jaffe
Posted Date:
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