The city of Touristburg has proposed a total budget of $34.2 million for 2016. T

Question

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. What is Touristburg's property tax levy for 2016?

2What is Touristburg's property tax rate per $1,000 of assessed value for 2016?

3You 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?

4what is your total property tax liability?

Explanation / Answer

Answer :

1) Touristburg's property tax = Total Budeget-non property tax = 34.2-16.8 = 17.4 million

2) touriest Burg property tax rate per $ 1000 of assessed value = total tax/NAV of preperty *1000

= 17400000/6200000000*1000 = 2.81

3) NAV of the property = assessed value - deuction - credit worth

= 360000-25000-500

= 334500

4) Property tax liability = Taxable proeprty value * rate of tax

= 334500*2.81/1000

= $ 939.95

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