Question

A property is assessed at $938,000. The millage rate for the county is 55.75 and 24.00 for the state. How much does the property owner owe in total property taxes?

(Note: Round all results to 2 decimal places [i.e. ".05"])
([Assessed Value x County Millage Rate] / 1000 = Taxes Owed to County)
([Assessed Value x State Millage Rate] / 1000 = Taxes Owed to State)
(Taxes Owed to County + Taxes Owed to State = Total Taxes Owed)

Answer 1

The total amount of property taxes owed by the property owner is $74,747.25.

Step-by-step explanation:

To calculate the property taxes owed by the property owner, we need to determine the taxes owed to the county and state separately, and then add them together to get the total. First, we calculate the taxes owed to the county by multiplying the assessed value of the property ($938,000) by the county millage rate (55.75) and dividing the result by 1000. So, the taxes owed to the county would be ($938,000 x 55.75) / 1000 = $52,235.25. Next, we calculate the taxes owed to the state by multiplying the assessed value of the property ($938,000) by the state millage rate (24.00) and dividing the result by 1000. So, the taxes owed to the state would be ($938,000 x 24.00) / 1000 = $22,512.00. Finally, we add the taxes owed to the county and state together to get the total property taxes owed: $52,235.25 + $22,512.00 = $74,747.25.