Question

If the assessed rate is 55%, the appraised value is $213,000, and the tax rate is 23 mills, how much are the property taxes?

(a) $2,750.00
(b) $2,650.78
(c) $2,875.00
(d) $2,694.45

Answer 1

To calculate property taxes, multiply the appraised value by the assessment rate to determine the assessed value, then multiply the assessed value by the tax rate in decimal form. The property taxes for the given values would be $2,694.45.

Step-by-step explanation:

To calculate the property taxes owed, you can follow these steps:

1. First, determine the assessed value by multiplying the appraised value by the assessment rate: $213,000 × 0.55 = $117,150.
2. Next, convert the mill rate into decimal form: 23 mills = 0.023.
3. Now, calculate the property taxes by multiplying the assessed value by the tax rate: $117,150 × 0.023 = $2,694.45.

Therefore, the property taxes that would be owed are $2,694.45.