Reminder: When working with mills, is often converted to express them in dollars by dividing $1000.
Assessed value= market value X rate of assessment
Tax Rate as a decimal=
/1,000
real estate tax= tax rate X assessed value
5. The tax rate for problems A-C is 65.50 mils, market value is $70,000 and rate of assessment is 40%.
Answer:
Problem:
a. The assessed value
b. the tax rate as a decimal
c. the real estate tax
