finance

Knight has a property tax base with an appraised value consisting of \$142,000,000 of taxable real property and \$78,000,000 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 \$3,500,000 and expect to receive \$750,000 in none property tax revenue. Compute the statutory property tax rate. Compute the effective property tax rate. The Smiths family lives in Knightstown. Their property has an appraisal value of \$42,000. What is their city property tax bill?

1. 👍 0
2. 👎 0
3. 👁 132

Similar Questions

1. Calculus

New York state income tax is based on taxable income which is part of a person's total income. The tax owed to the state is calculated using taxable income (not total income). In 2005, for a single person with a taxable income

asked by Alex on October 29, 2014
2. BUSN

Assuming a tax rate of 30%, what is the EBIT and taxable income for the year? A) \$1,000,000 and \$800,000 respectively B) \$575,000 and \$375,000 respectively c) \$565,000 and \$365,000 respectively D) \$425,000 and \$225,000

asked by MeMe on September 6, 2011
3. Fed Tax 2- AMT

Corp reports - Taxable income 300,000 Interest on private activity bonds 20,000 Life insurance proceeds 250,000 Dividends-received deduction 50,000 Depreciation claimed for: Taxable income purposes 175,000 AMT purposes 130,000

asked by stephanie on August 5, 2006
4. college

124. Marriage penalty eliminated. The value of the expression 4220 + 0.25(x 30,650) is the 2006 federal income tax for a single taxpayer with taxable income of x dollars, where x is over \$30,650 but not over \$74,200. a) Simplify

asked by lexzorbrian on April 1, 2009
5. algebra

124. Marriage penalty eliminated. The value of the expression 4220 + 0.25(x 30,650) is the 2006 federal income tax for a single taxpayer with taxable income of x dollars, where x is over \$30,650 but not over \$74,200. a) Simplify

asked by lexzorbrian on April 1, 2009
6. Math

Wellesville must meet a budget of \$27,000. All of the city's income is derived from property tax. What rate of tax must they use if the assessed value of the taxable property is \$1,173,913? (Answer to tenths) how do you work this

asked by Rhett cowley on May 9, 2014
7. College Algebra

The value of the expression (4220 + 0.25 (x - 30,650) is the 2006 federal income tax for a single taxpayer with taxable income of x dollars, where x is over \$30,650 but not over \$74,200. Simplify the expression; Find the amount of

asked by Bobbie on October 14, 2008
8. Tax

The corp has domestic taxable income of \$400,000 and foreign-source taxable income of \$200,000. Their U.S. tax on worldwide income is \$204,000. The corp paid foreign income taxes of \$65,000. What is their foreign tax credit on

asked by Anonymous on March 22, 2016
9. Tax

A corp has domestic taxable income of \$400,000 and foreign-source taxable income of \$200,000. Their U.S. tax on worldwide income is \$204,000. The corp paid foreign income taxes of \$75,000. What is their foreign tax credit on their

asked by Anonymous on March 22, 2016
10. Economics

Mallory's total income last year was \$24,000, but she could deduct \$12,000 for various reasons. Her taxable income equals the amount left over after deductions. If she had to pay 15 percent of her taxable income in federal income

asked by Kesha on March 16, 2015

More Similar Questions