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Brrunno [24]
3 years ago
14

A home is appraised at $125,000 and the assessment level is 35%. There are a total of 40 mills in the taxing area.

Business
1 answer:
Andrews [41]3 years ago
7 0

Answer:

$1,750

Explanation:

First, we have to calculate the assessed value which can be determined using the below formula:

Assessed value=Appraised value of home*assessment level

                         =125,000*35%

                         =$43,750

The next step is to calculate the cost of each mill which can be calculated using the following formula:

Cost of each mill=Assessed value/1000

                           =43750/1000

                           =43.75

The final step is to find the annual taxes, which can be calculated using the following formula:

Annual taxes=cost of each mill*number of mills

                     =43.75*40

                     =$1,750

   

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