Question

Homeowners enjoy many benefits, including a federal tax deduction for state and local property taxes paid. Fishers, Indiana, was voted one of the top 100 best places to live in 2017 by Money magazine. With population of 86,357, a median home price of $236,167, and estimated property taxes at 10.6 mills, how much does the average homeowner pay in property taxes?

Answer 1

The average homeowner pay $2,503.37 in property taxes

Step-by-step explanation:

Population = 86,357

Median home price = $236,167

Estimated property taxes = 10.6 mills

Property Tax 1 Mills equals to 1/1000 Units . That Means Property tax Need to pay $1 For $1000 Assets able value .

Average homeowner pay in property taxes = Home Price × (Mills ÷ 1000)

= $236,167 × (10.6 ÷ 1000)

= $236,167 × 0.0106

=$2,503.37