A specific parcel of real estate has a market value of $160,000 and is assessed for tax purposes at 75% of market value. The tax

Question

Anon25 [30]

3 years ago

15

A specific parcel of real estate has a market value of $160,000 and is assessed for tax purposes at 75% of market value. The tax

rate for the county in which the property is located is 4%. The tax bill will be

Business

1 answer:

Whitepunk [10] · Answer 1 · 2022-03-07T15:27:49+03:00

Answer:

$4,800

Explanation:

property taxes are calculated using the assessed value, in this case the county will use $160,000 x 75% = $120,000

if the tax rate is 4% of assessed value, then the total property tax bill = $120,000 x 4% = $4,800

Generally, property taxes are collected by counties or municipal governments and they are used to fund school districts, libraries, fire departments, parks, etc.