Compute the statutary property tax rate

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Knightstown has a property tax base with an appraised market value consisting of $150,000,000 of taxable real property and $85,000,000 of taxable personal property. The assessment ratio is 50%.

Exemptions for the elderly reduce assessed value by $3,000,000. The city has a planned budget of $15,000,000 and expects to receive $800,000 in nonproperty tax revenue.

a) Compute the statutary property tax rate.

b) Compute the effective property tax rate.

c) the Smith family lives in Knightstown. Their property has an appraised value of $42,000. What is their city property tax bill?

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This paper states about the calculation of the statutory property tax by analyzing as well as taking under consideration the case of knightstown has been done. we also calculated the effective property tax in accordance with the given figures and terms. in addition, we also calculated the total city property bill for the stated case.

Reference no: EM131277217

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inf1277217

11/15/2016 8:18:43 AM

Is it possible to have this assignment completed by 500am EST. So you are saying that it will be completed by 5am EST. as it is due at this time. I do not get credit if it is late. Thank you so very much. Please remember that this assignment is due no later than by 500am EST tomorrow and I must show work. Thank you so much. Please show work when doing this problem.can you please ensure that work is shown with this problem? THANK YOU SO MUCH!!!

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