A property has a market value of $500,000. The taxing authority taxes 70% of the value...
A property has a market value of $500,000. The taxing authority taxes 70% of the value and the property has a homestead exemption of $50,000. The county, town and board of education have tax rates of 5.8, 6.9 and 2.3, respectively. What are the taxes for the property?
Homework Answers
Market Value of the property = $500,000
Assessment ratio = 70%
Assessed value is $500,000*70% = $350,000
Exemption available $50,000
Taxable value = 350,000-50,000 = $300,000.
Taxes for the property 300,000 * 5.8% = $17400 Country
300,000 * 6.9% =$ 20,700 town
300,000 * 2.3% = $6900 School
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