A property owner owes $8$ mills in school taxes, $10$ mills in city taxes, and $5$ mills in county taxes and qualifies for a $$25,000$ homestead exemption.

a$)$ How much tax would he owe on a property assessed at $80\%$ of the market value of $$100,000?$

b$)$ What is his effective property tax rate?

Given the following data, compute taxable value. Market value $=100,000$; Assessment percentage $=85$ percent; Exemption $=10,000.$

a$)$ With a tax rate of $25$ mills, what is the amount of the property tax?

b$)$ What is the effective property tax rate?

Based on this information, calculate the effective tax rate. Taxes paid $=$$$5,363$; Market value of the property $=$$$325,000$; Assessed value of property $($after exemptions$)=$$$200,000$

Real Estate Finance

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