The Nelsons own a home whose market value is $132,000. Their municipality taxes at 70% and the rate is 80 mills or $80 per thousand. What will the Nelsons pay in taxes? $ a0

Question

Mathematics

Talan Branch

2 November, 09:15

The Nelsons own a home whose market value is $132,000. Their municipality taxes at 70% and the rate is 80 mills or $80 per thousand. What will the Nelsons pay in taxes? $ a0

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Davion Matthews · Answer 1

To answer this question you will need to calculate what 70% of the value of the house is because this is what the tax is based on.

0.7 x $132000 = $92400 tax basis

They pay $80 per $1000 in tax basis, so $92400 would be 92.4 groups of $1000.

$80 x 92.4 = $7424 in taxes based on an 80 mills tax rate.