A Small Town Has a Total Residential Assessment of $1

question 53

Essay

A small town has a total residential assessment of $1.1 billion. The town must meet expenditures of $300 million.
a) If 80% of the expenditures are charged against residential real estate, calculate then total property taxes that must be raised.
b) Calculate the mill rate.
c) Calculate the property tax on a property assessed at $500 000.00

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Definitions:

Misrepresentations

False statements or lies that induce someone into entering a contract or agreement.

Express Warranties

Explicit promises or assurances made by a seller regarding the condition, functionality, or quality of a product.

Common Law Language

The language used in common law jurisdictions, based on judicial decisions and customs, as opposed to statutes.

Implied Warranty

An unwritten guarantee that a product will meet a minimum level of quality and functionality.