Use the following information to answer questions 9 through 12. The city of Tour

Question

Use the following information to answer questions 9 through 12. The city of Touristburg has proposed a total budget of $34.2 million for 2016. They have identified $16.8 million in non-property tax revenue and will use property taxes to fund the remaining portion of the budget and produce a perfectly balanced budget. The Net Assessed Value (NAV) of all property within the city limits for 2016 is $6.2 billion.

You own a home in Touristburg with an assessed value of $360,000. You are eligible for deductions worth a total of $25,000, and credits worth $500. What is your taxable property value (NAV) for 2016?

Explanation / Answer

Taxable value of the property = Assessed value - deductions = 360,000-25,000= $335,000

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