Question

A home was appraised for tax purposes at 70 percent of its $150,000 purchase price. The mill rate is 28.6. What are the annual taxes?

Answer 1

Answer:

$3,003

Explanation:

The computation of the annual taxes is shown below:

= (Given percentage × purchase price × mill rate) ÷ (1,000)

= (0.70 × $150,000 × 28.6) ÷ (1,000)

= (3,003,000) ÷ (1,000)

= $3,003

Hence, the annual taxes is $3,003

We simply applied the above formula so that the annual taxes could come and the same is to be considered