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9 May, 11:50

Given the following information, calculate the total annual tax liability of the homeowner: market value of property: $350,000; assessed value of property: 40% of the market value; exemptions: $2,000; millage rate: 33.95 mills.

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  1. 9 May, 12:15
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    Answer: $4,685.10

    Explanation:

    Market value of property: $350,000

    Assessed value of property: 40% of $350,000

    Exemptions: $2,000

    Millage Rate: 33.95 mills.

    Total Annual Tax Liability,

    = 140,000 (40% * 350,000) - 2000

    =138,000

    Then,

    138,000 * 33.95%

    = 138,000 * 0.3395

    = $4685.10
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