Question

Property is appraised for $158,000 and tax rate is 33 mills. How much tax is due?

Answer 1

To calculate the tax due on a $158,000 property at a rate of 33 mills, convert the mill rate to a decimal ($0.033) and multiply it by the property value, resulting in a tax amount of $5,214.

Step-by-step explanation:

The student asked how much tax is due on a property appraised for $158,000 with a tax rate of 33 mills. To answer this question, we first need to understand that a mill is one-thousandth of a dollar, or $0.001. To calculate the property tax, we multiply the property value by the tax rate in decimal form.

Here is the calculation:

• Convert the mill rate to decimal: 33 mills = 33 × $0.001 = $0.033
• Multiply by the property's appraised value: $158,000 × $0.033 = $5,214

Hence, the amount of tax due is $5,214.