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A property owner who owes 6 mils in school taxes, 12 mils in city taxes, and...

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Finance

A property owner who owes 6 mils in school taxes, 12 mils incity taxes, and 8 mils in county taxes and who qualifies for a$10,000 homestead exemption would owe how much in property tax on aproperty assessed at $56,000?

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4.3 Ratings (665 Votes)

In making calculations of property taxes 1 mils = 1$ of tax for every $1,000 value.

Hence, the calculation is as follows:

Value of property :                               $56,000

Less ; Homestead exemption :             $10,000

Net value to be taxed:                          $46,000

Tax is levied on value of every $1,000

Hence, $46,000/ $1,000

             =46

as every mils is $1 in value,

School taxes(6 * $1 = $6), so taxes on value of property is $6 * 46 = $276

City taxes: (12 * $1 = $12)          $12 * 46 = $552

County taxes: (8 * $1 = $8)           $8 * 46 = $368

Total taxes to be paid = $276 + $552 + $368 = $1,196
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A property owner who owes 6 mils in school taxes, 12 mils incity taxes, and 8 mils in county taxes and who qualifies for a$10,000 homestead exemption would owe how much in property tax on aproperty assessed at $56,000?

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