Taxes and Assessments Already Passed
What is the purpose of taxation?
If a property is based on "ad valorem" what does that mean?
The assessed value of a property is $70,000. The tax rate is $1.25 per $100 of value. What would the annual taxes on this property be?
Formula for tax rate:
Rate ...
2). If a property is based on "ad valorem" what does that mean?
Ans: Its property taxes are based on assessed value!
3). The assessed value of a property is $70,000. the tax rate is $1.25 per $100 of value. what
would the annual taxes on this property be?
Ans: $875
(70,000/100)*1.25 = 875
4). Formula for tax rate:
rate = tax dollars needed/taxable assessed value
Ans: --
5). Scenario: a home valued at $100,000 is assessed at a uniform percentage rate of 15%. the
assessed value of that home would be $___________. using the tax rate of $50 per $1,000 of
value, the tax bill for the home would be $_________.
Ans: $15,000, $750
100,000*0.15 = 15,000
($15,000/$1,000)*$50 = $750
(*note: tax rate is based on each $1,000 of assessed value; aka divide by 1,000)
6). Calculate the following tax bills:
1. greg's home is valued at $250,000. the home is assessed at 80 percent of its value. the
tax rate is $2.25 per $100 of assessed value. what is greg's annual tax bill?
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, 2. sally's home is valued at $150,000. the home is assessed at 100 percent of its value. the
tax rate is $30 per $1,000 of assessed value. what is sally's annual tax bill?
3. susan's home is valued at $300,000. the home is assessed at 90 percent of its value. the
tax rate is 5 percent. what is susan's annual tax bill?
Ans: 1. $4,500
2. $4,500
3. $13,500
7). What is a tax levy?
Ans: The amount of $ the municipality must raise through property tax.
9). What are the possible outcomes of an administrative review?
Ans: - Full denial of the claim
- Full reassessment of property
- Partial reassessment of property
10). A homeowner's total tax bill is derived by:
a. dividing tax requirement by tax base
b. multiplying each district's tax rate times the assessed value of owner's property
c. dividing tax dollars needed by the taxable assessed value
d. averaging tax rate for each tax district and multiplying average tax rate times the
assessed value
Ans: B. multiplying each district's tax rate times the assessed value of owner's property
11). If an assessment increases
a. taxes will automatically increase
b. number of exemptions will increase
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