1. A property has a market value of $76,000. The taxes in the area are levied...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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?
Expert Answer:
Answer rating: 100% (QA)
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:
Students also viewed these accounting questions
-
Which one of these statements is correct regarding U.S. firms during the period 1995-2012? A. Firms have rarely relied on debt financing. B. Internal funds have provided less than half of the firms...
-
A firm has a market value of $12 million and outstanding debt of $10 million that matures in 2 years. The firm asset grows at a rate of 6% with a standard deviation of 15%, and the risk-free rate is...
-
Your truck has a market value of $60,000. You can sell it to your brother who agreed to buy it now and pay $75,000 three years from now, or you can sell it to your cousin who agreed to pay you...
-
A fair die is tossed until all the numbers have been seen at least once. Let N be the number of tosses this requires. Find E(N). [Hint: Let N; be the number of tosses until i different numbers have...
-
Henderson Photographys checkbook lists the following: Henderson Novembers bank statement shows the following: Requirements 1. Prepare Henderson Photographys bank reconciliation at November 30, 2016....
-
Suppose Bob initiates a TCP connection to Trudy who is pretending to be Alice. During the handshake, Trudy sends Bob Alice's certificate. In what step of the SSL handshake algorithm will Bob discover...
-
Describe how wrongful birth, wrongful life, and wrongful conception differ.
-
Archer Uniforms, Inc., is a distributor of professional uniforms to retail stores that sell work clothing to professionals, such as doctors, nurses, security guards, etc. Traditionally, most of the...
-
Horton Manufacturing Incorporated produces blinds and other window treatments for residential homes and offices. The owner is concerned about the maintenance costs for the production machinery...
-
On December 31, the trial balance shows wages expense of $600. An additional $200 of wages was earned by the employees, but has not yet been paid. Analyze this adjustment for wages using T accounts,...
-
While early LANs transmitted data at perhaps 1 0 million bits per second, the newest LANs can transmit data at 1 0 billion bits per second and higher. True False
-
1. The following procedure evaluates the function z( x, y) where Z( x, y) = 27*x 14y+ (10*x + 17*y)* (19*x -3*y) procedure Evalz; var x, y, z: integer; begin write 'x? '; read x; write cr, lf, 'y? ';...
-
63. [5 points] As part of the program in Java, use the if-else-if statement to code the following flowchart: assign grade as a single character A when the score is greater than 89; otherwise, assign...
-
1. Write a Python program that declares two lists. a. Set the values in the first list to [-3, 0, 3, 6] by initializing on the line where the list is declared. Print the elements of the list using...
-
(a) Simplify the following summation to produce a closed form. Show your work, clearly stating when you apply each summation identity. ) (b) Convert the following recurrence into a summation by...
-
(a) Show that 6n+nlog(n) (10 log(n)) is true by finding a c and no that satisfy the definition of "dominates" and big-. Please show your work. (b) Show that log3 (n) = 0 (log(n)) by finding a c and...
-
Discuss Alice's job dissatisfaction and lack of motivation using Porter-Lawler's Satisfaction-Performance Theory
-
Write a paper about the Working relationship in the organization- collaboration within and outside the organization
-
In recent years, large financial institutions such as mutual funds and pension funds have become the dominant owners of stock in the United States, and these institutions are becoming more active in...
-
What is the duration of a bond with three years to maturity and a coupon of 7 percent paid annually if the bond sells at par?
-
Bulla Recording, Inc., wishes to maintain a growth rate of 12 percent per year and a debtequity ratio of .40. Profit margin is 5.3 percent, and the ratio of total assets to sales is constant at .75....
-
The PCAOB ended the self-regulation of the external auditing profession. True/false
-
The National Crisis Inquiry Report (2011) concluded that the financial crisis was unavoidable. True/false
-
External auditors collect consulting fees from the same clients they perform independent audits for, which allows good and close relationship with the clients. True/false
Study smarter with the SolutionInn App