The Nelsons own a home whose market value is $132,000. Their municipality taxes at 70% and the rate is 80 mills or $80 per thous and. What will the Nelsons pay in taxes? $ a0
2 answers:
Answer: 7392
Step-by-step explanation:
70% x 132,000 = 92400
92.4 x 80 = 7392
To answer this question you will need to calculate what 70% of the value of the house is because this is what the tax is based on. 0.7 x $132000 = $92400 tax basis They pay $80 per $1000 in tax basis, so $92400 would be 92.4 groups of $1000. $80 x 92.4 = $7424 in taxes based on an 80 mills tax rate.
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