Question

If the property is worth $150,000 and assessed at 80%, with a mill levy of 8.2 percent, each payment would be

Answer 1

Step-by-step explanation:

To calculate the payment, we need to determine the assessed value of the property, the taxable value, and then apply the mill levy.

Assessed value = 80% of $150,000 = 0.8 x $150,000 = $120,000

Taxable value = assessed value = $120,000

Tax due = taxable value x (mill levy/100) = $120,000 x (8.2/100) = $9,840

Therefore, each payment would be $9,840.