Answer:
The total annual tax liability of the homeowner market value of property is $11,200.00 . The right answer is c
Explanation:
According to the given data we have the following:
Market value of property= $5,37,500
Assessed value of property= 60% of the market value
Hence, Assessed value of property =$5,37,500*60% =$3,22,500
Exemption: $2500
Therefore,Assessed value =$3,22,500-$2,500 =$3,20,000
Schol district milleage rate= 29.25Mills
County and township milleage =5.75 Mills
Total rate of Mills =29.25+5.75=35 mills
Therefore, to calculate the total annual tax liability of the homeowner market value of property we would have to use the following formula:
Property tax amount= (Assessed value* Rate of mills/1,000,000)*1,000
Property tax amount= ($320,000*35/1,000,000)*1,000
Property tax amount= $11,200.00
The total annual tax liability of the homeowner market value of property is $11,200.00
