1)The total assessed value for all private property in the Anvil Public School d
ID: 376076 • Letter: 1
Question
1)The total assessed value for all private property in the Anvil Public School district is $4 billion. Properties are taxed at a rate of 18% of this value. The school budget for the coming year is $62 million. Calculate the mil rate and rate per hundred. Note: save your calculations for the following question.
mil rate = .19; rate per hundred = $19
mil rate = .0816; rate per hundred = $8.16
mil rate = .668; rate per hundred = $66.80
mil rate = .836; rate per hundred = $8.36
2)The total assessed value for all private property in the Anvil Public School district is $4 billion. Properties are taxed at a rate of 18% of this value. The school budget for the coming year is $62 million. The Hitchcock family residence has an assessed market value of $212,000. What will their property tax bill be? Note: use your calculations from the Anvil Schools question.
$2,332
$2,598
$3,287
$12,275
A.mil rate = .19; rate per hundred = $19
B.mil rate = .0816; rate per hundred = $8.16
C.mil rate = .668; rate per hundred = $66.80
D.mil rate = .836; rate per hundred = $8.36
Explanation / Answer
The taxable assessed value of any property is the total assessment subtraedct any applicable property tax exemptions.The amount paid in property taxes is given by (multiplying property's taxable assessment (your assessment minus any exemptions ) multiplied by the tax rates for school districts, municipalities, counties and special districts.
Tax Owed = taxable assessment x tax rate
Tax rate per thousand (tax levy ÷ total of all taxable assessments in jurisdiction) x 1,000
Given :
The total assessed value for all private property in the Anvil Public School district = $4 billion
Properties are taxed at a rate of 18% of the value total assessed
= $4,000, 000 of 18%
= $4, 000,000 X 18/100
= $7,20,000
School budget = $62, 00,000
Taxable = 18%
School Budget after taxable is 62,00,000
The mill rate is .0816 dollars and the rate per thousand is 8.16 dollars
Now,
The Hitchcock family residence has an assessed market value of $212,000.
After taxable = 212,000/.18 = $38160
The property tax bill = $2598
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