A value of 110000 if the tax rate is 25 mills per 1 dollar of assessed valuation how much tax do they pay
$2,750
$110,000 * .025 = ?
To calculate the amount of tax to be paid, you need to multiply the assessed valuation by the tax rate. Here are the steps to calculate the tax:
Step 1: Convert the tax rate from mills to dollars.
Since 1 mill is equal to 1/1000 of a dollar, the tax rate of 25 mills per 1 dollar can be expressed as 0.025 dollars per 1 dollar.
Step 2: Multiply the assessed valuation by the tax rate.
The assessed valuation is given as $110,000. To find the tax amount, multiply the assessed valuation by the tax rate:
Tax = Assessed Valuation * Tax Rate
Tax = $110,000 * 0.025
Tax = $2,750
Therefore, the tax amount they need to pay is $2,750.
To calculate the amount of tax paid, you need to multiply the assessed valuation by the tax rate.
The tax rate is given as 25 mills per 1 dollar of assessed valuation. One mill is equal to 1/1000 of a dollar.
First, convert the tax rate from mills to dollars by dividing it by 1000: 25 mills ÷ 1000 = 0.025 dollars.
Then, multiply the assessed valuation by the tax rate to find the amount of tax paid: 110000 dollars × 0.025 dollars = 2750 dollars.
Therefore, they would pay $2750 in taxes.