A home is assessed at $70,000. The tax rate is 6.15 mills. What is the tax on the home ?
6.15 mills = $.00615
.00615 * $70,000 = ?
430.5
To calculate the tax on the home, you will need to multiply the assessed value of the home by the tax rate. The tax rate is given as 6.15 mills, where 1 mill is equal to 0.001.
Step 1: Convert the tax rate from mills to decimal form.
To convert mills to decimal form, divide the tax rate by 1,000.
6.15 mills ÷ 1,000 = 0.00615
Step 2: Multiply the assessed value of the home by the tax rate.
Tax = Assessed Value × Tax Rate
Tax = $70,000 × 0.00615
Step 3: Calculate the tax amount.
Tax = $430.50
Therefore, the tax on the home is $430.50.