First, complete a property tax estimate for a newly constructed subdivision. You should apply a 12% millage rate on the assessed value of each house and the park. The land that the house sits on is included in the market value of the property. Also, calculate the total assessed value of all the units/properties and the total estimated tax (See Appendix 5A).

• The new subdivision has 100 units and Park. The prices provided below are based on assessed value.
• There are 15 two-bedroom houses on 5 acres of land valued at $95,000.00 each.
• There are 15 two-bedroom houses on 20 acres of land valued at $85,000.00 each.
• There are 60 three-bedroom houses with a two-car garage on 75 acres of land. The houses are valued at $210,000.00 each.
• The last 15 houses are four-bedroom units with a two-car garage on 15 acres of land. They are valued at $170,000.00.
• Lastly, the subdivision has a park with a swimming pool, tennis court, and a basketball court. The park and green space is valued at $105,000.00.

Note: Assessed value is: Individual Unit Value multiplied by the Number of Units

The city also needs $1,700,000.00 in individual property taxes and the tax assessor indicated that the total assessed value of individual property is $20,000,000.00. What should the fixed or nominal tax rate be set at to collect the $1,700,000.00 in property taxes?

Tax rate = .

The city has set the millage rate at 3.5% for all businesses. The spreadsheet in Appendix 5A has a partial listing of the citys businesses. Calculate the amount of taxes that can be expected along with the most effective tax rate (METR) for each business and an average tax rate using the partial list of businesses provided- ed. (See Appendix 5A)

• The millage rate for each of the seven properties is 3.5%.
• Franklins Clothing has a market value of $625,000 and an assessed value of $525,000.
• Paytons Tax Service has a market value of $575,000 and an assessed value of $475,000.
• Stacies Lawn Care has a market value of $285,000 and an assessed value of $175,000.
• Evas Finishing School has a market value of $400,000 and an assessed value of $325,000.
• Tiffanys Day Care has a market value of $250,000 and an assessed value of $175,000.
• Yieshas Hair Care has a market value of $370,000 and an assessed value of $300,000.
• Myrons Boys Club has a market value of $650,000 and an assessed value of $575,000.