Question

A property is assessed at $1,250,500. The local millage rate is 48.25. What will the property owner pay in property taxes?

([Assessed Value x Millage Rate] / 1,000 = Property Taxes)

Answer 1

The property owner will pay $60,374.13 in property taxes based on the assessed value of $1,250,500 and a local millage rate of 48.25.

Step-by-step explanation:

The formula for calculating property taxes is to multiply the assessed value of the property by the local millage rate and then divide by 1,000. The student's property is assessed at $1,250,500, and the local millage rate is 48.25. Using the given formula:

Property Taxes = (Assessed Value × Millage Rate) / 1,000

Property Taxes = ($1,250,500 × 48.25) / 1,000

Property Taxes = $60,374.125

Therefore, the property owner will pay $60,374.13 in property taxes.