Answered

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The Smith family pays a rate of 27 mills in property tax. The assessed value of their home is $98,000. What is their property tax?

Sagot :

ajinems

Their property tax would be =$ 26,460

Calculation of property tax

A mill is one-thousandth of a dollar, and in property tax terms is equal to $1.00 of tax for each.

Therefore 27 mills = $27 for every $1,000 of assessed value, or 2.7%.

To calculate the property tax would

= 27/100× 98,000

= 2646000/100

=$ 26,460

Therefore, Their property tax would be =$ 26,460

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