Question: 1 - Tax rates are usually stated in mills. Convert a tax rate of 35 mills to percentage terms.
2 - Given the following information, compute the property tax rate for the community in percentage terms. Total budget expenditures: $216 million, Total non-property tax income: $100 million, Total assessed value of all properties: $3 billion, Total exemptions: $680 million.
3 - Given the following information, calculate the total annual tax liability of the homeowner. Market value of property: $350,000, Assessed value of property: 80 % of the market value, Exemptions: $7,000, Millage Rate: 33.95 mills.
4 - Given the following information, compute the effective tax rate for the particular piece of property in percentage terms. Market value of property: $300,000, Assessed value of property: $240,000, Exemptions: $50,000, Taxes paid: $4,500.
5 - Given the following information, compute the taxable value for the particular piece of property in dollar terms. Market value of property: $400,000, Assessed value of property: 85 % of the market value of the property, Exemptions: $25,000, Taxes paid: $8,250.
6 - What is the millage rate for Q5?