Calculate the amount of property tax due: **(Round your answer to the nearest cent.)**| Tax rate | Assessed value | Amount of property tax due ||---------------|----------------|----------------------------|| $8.75 per $100| $125,000 | |In this table, the tax rate is specified as $8.75 for every $100 of assessed property value. The assessed property value is $125,000. You need to calculate the amount of property tax due by using the given tax rate and rounding your answer to the nearest cent. **Calculate the Amount of Property Tax Due:***(Round your answer to the nearest cent.)*| Tax Rate | Assessed Value | Amount of Property Tax Due ||-----------------------|----------------|----------------------------|| $42.50 per $1,000 | $105,000 | |**Instructions:**1. To calculate the amount of property tax due, use the formula: \[ \text{Property Tax} = \left(\frac{\text{Assessed Value}}{1000}\right) \times \text{Tax Rate} \]2. Substitute the given values: - Assessed Value: $105,000 - Tax Rate: $42.50 per $1,0003. Solve and round your answer to the nearest cent.

Formula: Property tax due = Assessed value x tax rate Assessed value multiply with tax rate to…

Answered: alculate the amount of property tax…

alculate the amount of property tax due: (Round your answer to the nearest cent.) Tax rate Assessed value Amount of property tax due $8.75 per $100 125,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

I need help solving this problem Daniel Simmons arrived at the following tax information: Gross salary $ 62,250 Interest earnings $ 75 Dividend income $ 140 One personal exemption $ 4,050 Itemized deductions $ 7,000 Adjustments to income $ 850 Assume the standard deduction for a single person is $6,350. Calculate the following information: Total Income = Adjusted Gross Income = Taxable Income = Thank you!
D3
Working need
What is the tax on a property with an assessed value of $88,700 if the tax rate is 4.5% of the assessed value? Property tax = $(Round to the nearest cent.)
Calculate the property tax rate required to meet the budgetary demands of the community. Note: When calculating budgetary demands, always round up. (Round your answers to two decimal places.) Community Total AssessedProperty Valuation Total TaxesRequired perecent per $100 per $1000 mills Ellingham $56,000,000 $2,500,000
Salary $15000, deduction $12000, tax rate 10%, withholding $1000. Find amount returned.
QUESTION 8 Given the following information, calculate the total annual tax liability of the homeowner: market value of property: $350,000; assessed value of property: 40% of the market value; exemptions: $2,000; millage rate: 33.95 mills. O $11, 882.50 O $4,753.00 O $4,685.10 O $46,851.00
fill in the blanks using this information: Theoretical Housing Situation: Renting: Monthly Rent: $1,800 Renter’s Insurance: $200 per year Security Deposit: $2,000 After-tax Savings Rate: 5% Buying: Home Price: $250,000 Down Payment: $50,000 Loan Amount: $200,000 Loan Term: 25 years Interest Rate: 3.5% Property Taxes: 1.25% of the home price Homeowner’s Insurance: 0.4% of the home price Maintenance Costs: 1.5% of the home price Closing Costs: $5,000 After-tax Rate of Return: 4% Tax Rate: 25% Estimated Annual Appreciation: 2% Now, fill in the worksheet: A. COST OF RENTING: Annual Rental Costs (Line A.1): 12×$1,800=$21,60012×$1,800=$21,600 Renter’s Insurance (Line A.2): $200 Opportunity Cost of Security Deposit (Line A.3): $2,000×0.05=$100$2,000×0.05=$100 Total Cost of Renting (Line A.1 + Line A.2 + Line A.3): $21,600+$200+$100=$21,900$21,600+$200+$100=$21,900 B. COST OF BUYING: Annual Mortgage Payments (Line B.1): Use a mortgage calculator to find the monthly…
If the sales tax is 6% and the purchase price is $193, what is the amount of tax?
Calculate the property tax rate required to meet the budgetary demands of the community. Note: When calculating budgetary demands, always round up. (Round your answers to two decimal places.) Property Tax Rate Total Assessed Total Community Property Таxes Per $100 (in $) Per $1,000 Valuation Required Percent Mills (in $) 4.95 $ 4.95 $ 49.47 32,600 Morningside $659,000,000 $32,600,000 %
purchase property that has an annual net income of 587000 and want to ear 8.25% on investment what do I pay for property
If your state has a property tax rate of 0.063, and you pay $8,323 in property taxes every year, what is the assessed value of your property? a S132.111.11 b. $58.328.24 $524.35 d.$2.434.90