Asked by Priscilla Trujillo on Apr 27, 2024
Verified
Property taxes on land assessed at $750,000 and a mill rate of 1.1857 is $1,028.55
Assessed
Evaluated or estimated, often in the context of determining the value for tax purposes.
Mill Rate
The amount of tax payable per dollar of the assessed value of property, used in calculating property taxes.
Property Taxes
It is a levy imposed by a government on a property owner, usually based on the value of the property.
- Compute mill rates and comprehend their influence on property taxation.
Verified Answer
YH
Yodany HamiltonApr 28, 2024
Final Answer :
False
Explanation :
The property tax is calculated by multiplying the assessed value of the property by the mill rate and then dividing by 1,000. So, for a property assessed at $750,000 and a mill rate of 1.1857, the calculation would be ($750,000 * 1.1857) / 1,000 = $889.275 or $889.28 when rounded to the nearest cent, not $1,028.55.
Learning Objectives
- Compute mill rates and comprehend their influence on property taxation.