Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. a property owner who owes 6 mils in school taxes,

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

Free

90.2K

Verified Solution

Question

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?

Answer & Explanation Solved by verified expert
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
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

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?

Other questions asked by students

Q

We can approximate the continuous-time tank model of the previous problem by a discrete model as...

Basic Math
Q

4. Light incident on a pair of slits produces an interference pattern on a screen 2.5...

Physics
Q

A hockey puck slides on the ice with an initial velocity of vi1 = 5 m/s...

Physics
Q

in viscous damping free vibration response what has the most powerful effect among m, c, k...

Mechanical Engineering
Q

Electromagnetic Induction 48 A uniform but time varying magnetic field B t exist 51 in...

Physics
Q

In the figure shown there is a coin placed at the bottom of the bucket...

Physics
Q

From Lesson 9 02 Finding Outcomes Fiona chooses three towels from a group of five...

Geometry
Q

Using infinite series and special values find the value of the following integral C In...

Basic Math
Q

Macmillan Learning Assume that sin x sin x y 3 and sin y 4 7...

Basic Math
Q

As the concert came to its end the number of people in a stadium decreased...

Algebra
Q

Insider Corporation has two divisions, J and K. During March, the contribution margin in Division...

Accounting
Q

Over the past several years, decommissioned U.S. warships have been turned into artificial reefs in...

Accounting