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Property Taxes. 6.3. Decimal Tax Rate. Terms to Know: Property Tax Assessed Value Decimal Tax Rate Decimal Tax Rate formula= Amount to be Raised by Property tax Total Assessed Value. Decimal Tax Rate (Example).

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Property Taxes

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Property taxes

Property Taxes

6.3


Decimal tax rate

Decimal Tax Rate

  • Terms to Know:

    • Property Tax

    • Assessed Value

    • Decimal Tax Rate

  • Decimal Tax Rate formula=

    Amount to be Raised by Property tax

    Total Assessed Value


Decimal tax rate example

Decimal Tax Rate (Example)

Paynesville School District budgeted expenses of $6,000,000. Estimated income of $1,800,000. Total assessed value last year was $39,000,000.

Find the tax rate needed to meet expenses, correct to five decimal places.


Decimal tax rate solution

Decimal Tax Rate (Solution)

Expenses – Estimated income = Property tax needed

$6,000,000 - $1,800,000 = $4,200,000.

Solve the Decimal Tax Rate formula…

$4,200,000 / 39,000,000 = 0.107692 = 0.10769 (Tax rate)


Check for understanding solution a

Check for Understanding (Solution A)

  • What is the decimal tax rate (3 decimal places)?

  • Expenses – Estimated income = Property tax needed

    $6,750,000 - $650,000 = $6,100,000.

  • Solve the Decimal Tax Rate formula…

    $6,100,000 / 80,000,000 = 0.0762 =

    0.076 (Tax rate)


Check for understanding solution b

Check for Understanding (Solution B)

  • What is the decimal tax rate (4 decimal places)?

  • Expenses – Estimated income = Property tax needed

    =$1,950,000.

  • Solve the Decimal Tax Rate formula…

    $1,950,000 / 48,200,000 = 0.04045 =

    0.0405 (Tax rate)


Tax rates per 100 of assessed value example

Tax Rates per $100 of Assessed Value (Example)

  • Calculate the property tax due on Watson’s $60,000 property if his tax rate is $6.20 per $100.

  • Divide assessed value by 100

    $60,000/100 = 600 (# of $100 units)

  • Tax rate x # of $100 units = property tax due

    $6.20 x 600 = $3,720


Tax rates per 100 of assessed value c

Tax Rates per $100 of Assessed Value (C)

  • Calculate the property tax due on $42,000 property if his tax rate is $3.736 per $100.

  • Divide assessed value by 100

    $42,000/100 = 420 (# of $100 units)

  • Tax rate x # of $100 units = property tax due

    $3.736 x 420 = $1,569.12


Tax rates per 100 of assessed value d

Tax Rates per $100 of Assessed Value (D)

  • Calculate the property tax due on $120,000 property if his tax rate is $4.128 per $100.

  • Divide assessed value by 100

    $120,000/100 = 1,200 (# of $100 units)

  • Tax rate x # of $100 units = property tax due

    $4.128 x 1,200 = $4,953.60


Tax rates per 1 000 of assessed value example

Tax Rates per $1,000 of Assessed Value (Example)

  • Calculate the property tax due on Watson’s $60,000 property if his tax rate is $62 per $1,000.

  • Divide assessed value by 1,000

    $60,000/1,000 = 60 (# of $1,000 units)

  • Tax rate x # of $1,000 units = property tax due

    $62 x 60 = $3,720


Tax rates per 1 000 of assessed value e

Tax Rates per $1,000 of Assessed Value (E)

  • Calculate the property tax due on $67,500 property if his tax rate is $50.08 per $1,000.

  • Divide assessed value by 1,000

    $67,500/1,000 = 67.5 (# of $1,000 units)

  • Tax rate x # of $1,000 units = property tax due

    $50.08 x 67.5 = $3,380.40


Tax rates per 1 000 of assessed value f

Tax Rates per $1,000 of Assessed Value (F)

  • Calculate the property tax due on $13,500 property if his tax rate is $25.83 per $1,000.

  • Divide assessed value by 1,000

    $13,500/1,000 = 13.5 (# of $1,000 units)

  • Tax rate x # of $1,000 units = property tax due

    $25.83 x 13.5 = $348.71


Tax rates in mills or cents per dollar of assessed value example

Tax Rates in Mills or Cents per Dollar of Assessed Value (Example)

  • Calculate the property tax due on Watson’s $60,000 property if his tax rate is stated as 62 mills or 6.2 cents per $ of assessed value.

  • Mills / 1,000 = Mills rate in $

    • 62/1,000 = $0.062

  • Cents / 100 = Cents rate in $

    • 6.2/100 = $0.062

  • Property assessed amount x rate in $ = total tax amount

    • $60,000 x $0.062 = $3,720


Tax rates in mills or cents per dollar of assessed value g

Tax Rates in Mills or Cents per Dollar of Assessed Value (G)

  • Calculate the property tax due on $38,400 property if his tax rate is stated as 52 mills per $ of assessed value.

  • Mills / 1,000 = Mills rate in $

    • 52/1,000 = $0.052

  • Property assessed amount x rate in $ = total tax amount

    • $38,400 x $0.052 = $1,996.80


Tax rates in mills or cents per dollar of assessed value h

Tax Rates in Mills or Cents per Dollar of Assessed Value (H)

  • Calculate the property tax due on $32,100 property if his tax rate is stated as 3.8 cents per $ of assessed value.

  • Cents / 100 = Cents rate in $

    • 3.8/100 = $0.038

  • Property assessed amount x rate in $ = total tax amount

    • $32,100 x $0.038 = $1,219.80


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