Question

A city has a property tax rate of 35 mills and an assessment level of 98%. What is the property tax, in dollars, for a $150,000 home in the city?Property tax =Tax rate x Assessment level x Market value(decimal form)(decimal form)

Answer 1

Solution

For this case we can follow this formula:

Property tax= Tax rate x Assessment level x Market Value

Replacing we have:

Property tax = 0.35* 0.98* 150000$ = 51450$