Homeowners enjoy many benefits, including a federal tax deduction for state and local property taxes paid. Fishers, Indiana, was voted one of the top 100 best places to live by Money magazine. With a population of 86,357, a median home price of $216,000, and estimated property taxes at 10.6 mills, how much does the average homeowner pay in property taxes? Note: Round your final answer to the nearest cent. Average homeowner pay in property tax

Homeowners enjoy many benefits, including a federal tax deduction for state and local property taxes paid. Fishers, Indiana, was voted one of the top 100 best places to live by Money magazine. With a population of 86,357, a median home price of $216,000, and estimated property taxes at 10.6 mills, how much does the average homeowner pay in property taxes? Note: Round your final answer to the nearest cent. Average homeowner pay in property tax

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 42P

See similar textbooks

Related questions

Q: Thomas is an employer with two employees, Patty and Selma. Patty's wages are $12,450 and Selma's…

A: The maximum FUTA tax rate is 6% which is applicable on first $7000 gross pay for each employee.

Q: Jorge and Anita, married taxpayers, earn $163,600 in taxable income and $43,400 in interest from an…

A: The taxpayer pays taxes on the taxable income however certain incomes are not subject to tax. The…

Q: If the Potinsky household spends $27,600 annually on all living expenses and long-term debt,…

A: Funds are necessary to meet the daily expenses. It is also important to maintain minimum amount for…

Q: Bill Blake pays a property tax of $2,500. In his community, the tax rate is 55 mills. What is Bill's…

A: Property tax = $2,500 Tax rate = 0.055 Bill's assessed value = ? 55 mills meaning 5.5 cents per…

Q: Do you own a home?If yes, how much property tax you pay? From the township, you must have received a…

A: Property tax refers to the amount of tax paid by an individual or corporation on the property owned.…

Q: Conchita Martinez will have a monthly interest and principal payment of $1,846.74. Her monthly real…

A: Housing ratio = [ Total Housing expense / Pre tax income ] * 100 Where Total Housing expense…

Question

Homeowners enjoy many benefits, including a federal tax deduction for state and local property taxes paid. Fishers, Indiana, was voted
one of the top 100 best places to live by Money magazine. With a population of 86,357, a median home price of $216,000, and
estimated property taxes at 10.6 mills, how much does the average homeowner pay in property taxes?
Note: Round your final answer to the nearest cent.
Average homeowner pay in property tax

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Homeowners enjoy many benefits, including a federal tax deduction for state and local property taxes paid. Fishers, Indiana, was voted one of the top 100 best places to live in 2017 by Money magazine. With population of 86,357, a median home price of $236,167, and estimated property taxes at 10.6 mills, how much does the average homeowner pay in property taxes? (Round your final answer to the nearest cent.)
The accompanying data file shows the square footage and associated property taxes for 20 homes in an affluent suburb 30 miles outside of New York City. Click here for the Excel Data File a. Estimate a home's property taxes as a linear function of the size of the home (measured by its square footage). Note: Round your answers to 2 decimal places. Property taxes = + Size b. What proportion of the sample variation in property taxes is explained by the home's size? Note: Round your answer into 2 decimal places. Proportion of the sample variation % c. What proportion of the sample variation in property taxes is unexplained by the home's size? Note: Round your answer into 2 decimal places. Proportion of the sample variation %
What percent of Hal's income does he spend on housing?
You own an a townhome with an assessed value of $184,600. The tax rate is $2.20 per $100 of assessed value. (Round your answers to the nearest cent.) propery tatx $4061.20 If the state offers a 4% discount for early payment, how much (in $) would the tax bill amount to if you paid early? If the state offers a 4% discount for early payment, how much (in $) would the tax bill amount to if you paid early?
1. You operate a small car yard which sells cars. Which of the following could you claim a GST input tax credit for?a. Repayments on a loan contract for the building premises. b. Council fees paid to the local council on your owned building premises. c. Costs of getting your windows cleaned once a month paid to someone as wages. d. Insurance premiums paid on the building.
A homeowner recently bought a $200,000 house. It is assessed for $180,000 in Caddo Parish. The house is inside the city limits. Please note that property taxes are calculated based on the assessed value, not the sale price. In this case then use $180,000. 1) What is the tax bill for Caddo Parish if the tax rate is 150 mills? 2)What is the tax bill for the City of Shreveport if the tax rate is 55 mills? (remember the homestead exemption does not apply for city taxes).
Roxy operates a dress shop in Arlington, Virginia. Lisa, a Maryland resident, comes in for a measurement and purchases a $2,800 dress. Lisa returns to Virginia a few weeks later to pick up the dress and drive it back to her Maryland residence, where she will use the dress. Assuming that Virginia's sales tax rate is 5 percent and that Maryland's sales tax rate is 6 percent, what is Roxy's sales tax collection obligation? Multiple Choice $0 $140 to Virginia $140 sales tax to Virginia and $28 use tax to Maryland $168 to Maryland
Please solve this
Please helppp, this is for financial mathematics, thank youuuuu
Based on the following data, would you recommend buying or renting? Buying Costs Annual mortgage payments Rental Costs Annual rent Insurance Security deposit $7,430 150 675 Rental cost Buying cost $ $ Assume an after-tax savings interest rate of 7 percent and a tax rate of 32 percent. Assume this individual has other tax deductions that exceed the standard deduction amount. Buying $9,900 (9,600 is interest) Property taxes $1,800 Down payment/closing costs Growth in equity $4,600 $ 300 Insurance/maintenance. $1,100 Estimated annual appreciation $1,750 a. Calculate total rental cost and total buying cost. (Do not round intermediate calculations. Round your answers to the nearest whole dollar.) b. Would you recommend buying or renting?
You have decided to start a landscaping business in Rogers Arkansas (you reside in this city). You purchased a used truck for $9,000-and the necessary landscaping tools. During the month of May you charged and collected $6,000 for services rendered (all landscaping jobs were within the city limits of Rogers). Answer the following questions: 1. What amount of sales tax are you required to pay for the used truck you purchased? 2. How much sales tax should you have collected for services rendered?
The average U.S. family spends about 16% of its income on housing and 12% on household expenses. If a family’s monthly income is $3,125, how much does it spend on housing and household expenses?