Assessed value: $87,000
Tax rate: 21 mills
Tax: ?

Question

Assessed value: $87,000 
Tax rate: 21 mills
Tax: ?

thomaster · Answer

The assessed value of your property is 35% of its full value. Thats $87,000. The state paid reduction/rollbacks are 12.5% of the undiscounted tax. This amount is then multiplied by the millage rate. After subtracting the state paid credit from the undiscounted tax, the final annual tax is $1598.63.

BTW this belongs to economics, not math.

anonymous · Answer

That can't be right..  I have the anwer and it is $1,827 but I'm not sure how the got that are you? :/

thomaster · Answer

That's why you should post this in the economics section, they can give you a better answer.

thomaster · Answer

I just calculated it with a tool and it probably uses other rates or something

anonymous · Answer

Where is the economics?  I see Chemisty Biology Writing and Spanish

thomaster · Answer

click find more subjects in the top of your screen then select economics

anonymous · Answer

Thank you. :)

directrix · Answer

I read some info on Investopedia. A mil is "is one part per thousand, or 0.1%." So, I would think that the tax total is this product: .1% of $87 000 times 21 which is .001 * 87 000 * 21 = ? http://www.investopedia.com/terms/m/millagerate.asp