1. The city has a total assessed value of all real estate of $240 million. The share of the city budget to be paid by ad valorem taxes is $6 million. Your property in that city is assessed at $40,000. What will the tax rate be, expressed in mills? What will the annual taxes on your property by? 2. If a property has a market value of $240,00 and is assessed at $100,800 what is the assessment ration? 3. IN a nearby city the mileage rate if 20 mills for the school budget, 10 mills for city services and 5 mills for county services. IF a property having a market value of $70,000 is assessed at 50% ratio what would the annual property taxes be? 4. You own property in a city where the tax rate if $3.50 per $100 of assessed valuation. Your taxes are $3.365 annually on a property which has a market value of $60,000. What is the assessment ration? 5. Your property is assessed at $65,000 in a community where the assessment ratio is 52% of value. BAse on this , what is the market value fo the property? 6. A woman buys a lot by paying th back taxes fo the past 4. Years. The tax rate is $21.00 per $1,000 of the assessed value. What did she pay for the lot is the assessed vale of the lot was $12,000. 7. A couple bought a property ten years ago to use as. A second home on weekends. This second homeis taxed on the basis of 60% of assessed value, at the rate of $2.50 per hundred. This has been the case for the last five years. However, since the year they bought, their yearly taxes have increased by $450. In the yes of hate tax assessor, how much as the property increased in value? 8. A 100 X 100 lot was assessed at $15 per front foot and the house was assessed at $32,000 what was the total year tax if the rate was $4.00 per $100? 9. A house assessed at $102,000 was taxed at 2.2%. Taxes were just increased by 30%. What is the amount of the tax increase? 10. The assessed value of all property in a certain city is $120 million. The city budget is $5,040,000. Your property is assessed at $350,000. What are your taxes? 11. A lender requires that the monthly mortgage payment include 1/2 of the annual taxes. Property value is $100,000. The assessment ratio is 30%. School tax rate is 12 mills; county tax rate is 25 mills. What is the tax payment per month? 12. A property is assessed at $80,000. The tax rate is $26 per $1,000 with a 2% discount for promptness and an 18% per annum charge for delinquency. A. Determine the amount owed if taxes are paid before the due date______ B. What amount is owed if the taxes are paid 2 months after due date: ________ C. What is the difference to the property owners between paying on time and paying 2 months late? ________