Question

A property is assessed at $64,410. the county tax rate is 8.9 mills per dollar. what would the monthly payment for taxes be to the escrow account? (round to the nearest dollar.)

Answer 1

The monthly payment for taxes be to the escrow account to $48

$48 Assessed value × tax rate = annual tax amount ÷ 12 = monthly tax amount

8.9 mills ÷ 1,000 = 0.0089 tax rate

$64,410 × 0.0089 = $573.25 annual tax ÷ 12 = $47.77, rounded to $48

What is property?

Anything over which a person or a company has legal ownership is considered property. Property can refer to both real objects, like homes, automobiles, or appliances, as well as intangible items with the potential for future value, like stock and bond certificates.

Corporeal property and incorporeal property are the two primary forms of property. Corporeal Property is visible and tangible, but incorporeal Property is not. Additionally, corporeal property refers to the ownership of tangible objects, whereas incorporeal property refers to an intangible right in real estate.

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