Calculate the assessed value by multiplying the fair market value by the assessment rate: $145 , 000 × 1.00 = $145 , 000 .
Calculate the property tax due by multiplying the assessed value by the property tax rate per 100 : $145 , 000 × $100 $1.20 = $1 , 740 $.
The assessed value is $145 , 000 .
The property tax due is $1 , 740 .
Explanation
Calculate Assessed Value First, we need to calculate the assessed value of the property. The fair market value is given as $145,000, and the assessment rate is 100%. This means the assessed value is equal to the fair market value.
Assessed Value Calculation Since the assessment rate is 100%, the assessed value is: A ssesse d Va l u e = F ai r M a r k e t Va l u e × A ssess m e n t R a t e A ssesse d Va l u e = $145 , 000 × 1.00 = $145 , 000
Calculate Property Tax Due Next, we calculate the property tax due. The property tax rate is $1.20 per $100 of assessed value. To find the property tax due, we multiply the assessed value by the property tax rate per $100.
Property Tax Due Calculation The property tax due is calculated as follows: P ro p er t y T a x D u e = A ssesse d Va l u e × $100 P ro p er t y T a x R a t e P ro p er t y T a x D u e = $145 , 000 × $100 $1.20 P ro p er t y T a x D u e = $145 , 000 × 0.012 = $1 , 740
Final Answer Therefore, the assessed value is $145,000, and the property tax due is $1,740.
Examples
Understanding property taxes is crucial for homeowners. For instance, knowing how assessed value and tax rates affect your annual payments helps in budgeting and financial planning. If a community decides to improve local schools, the increased property taxes directly fund these enhancements, showing how civic investments tie back to individual property values and homeowner contributions.
To calculate the number of electrons flowing through a device with a current of 15.0 A for 30 seco n d s , we find the total charge to be 450 C and then calculate the number of electrons, which is approximately 2.81 × 1 0 21 .
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