Question

Toby and Betty Combs pay $8,719.38 in annual property taxes. Their home has a market value of $361,800.00 with a tax rate of 48.2 mills. What is the rate of assessment in their tax district?

Answer 1

Answer:

  50% of market value

Step-by-step explanation:

The actual tax rate on the Combs home is ...

  $8719.38/$361800 = 0.0241 = 24.1 mils

The rate of assessment is ...

  (24.1 mils)/(48.2 mils) = 0.50 = 50%

The Combs pay tax on 50% of their home's market value.