Using the following information to answer the questions: Assessment rate: 40% of market value Millage Rate:...
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Using the following information to answer the questions: Assessment rate: 40% of market value Millage Rate: 6.5 mils (a) What is the market value of a house that pays a tax of $292.50? (b) What is the assessed value of a house that pays a tax of $292.50? (c) What is the tax on a $185,000 house? (d) What is the tax on a $185,000 house with a homestead exemption of $10,000 (with the exemption applied to market value)? Using the following information to answer the questions: Assessment rate: 40% of market value Millage Rate: 6.5 mils (a) What is the market value of a house that pays a tax of $292.50? (b) What is the assessed value of a house that pays a tax of $292.50? (c) What is the tax on a $185,000 house? (d) What is the tax on a $185,000 house with a homestead exemption of $10,000 (with the exemption applied to market value)?
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To answer the questions we need to understand the relationship between market value assessed value taxes and the given assessment rate and millage rat... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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