1.Calculating property tax:

Answers must show all the steps(and preferably be rounded to the nearest tenth) to receive full credit. Suppose we have the following information on a property:

Market Value = $275,000

Assessment level = 70%

Homestead exemptions = $30,000

a)(2 pts) What is the taxable value?

b)(4 pts) Assume the following millage rates (per thousand in value). Use the taxable value from part (a) to complete the table by calculating the total taxes levied or the millage rate for each taxing authority.

Taxing Authority Millage Rate Taxes Levied County 11.21 Municipality 577.76 School District 888.32 Forest Preserve Dist. 0.12