Question 1

French County needs $915,000 from property tax to meet its budget. The total value of assessed property in French is $140,000,000. What is the tax rate of French? Round to the nearest ten thousandth. Express that rate in mills.

Accepted Answer

$915,000 / $140,000,000 = .0065; .0065/.001 = 6.5 mills.

Question 2

The home of Russell Slater is assessed at $140,000. The tax rate is 11.8 mills. The actual amount of tax on Russell's home is:
A) $1,562
B) $1,652
C) $1,462
D) $1,362
E) None of these

Accepted Answer

To find the amount of tax on Russell's home, we need to multiply the assessed value of $140,000 by the tax rate of 11.8 mills, and then convert to dollars.

$140,000 x 0.0118 = $1,652

Therefore, the actual amount of tax on Russell's home is $1,652.

The correct choice is B.

Question 3

Frank Smith pays a property tax of $2,200. The current tax rate is 48 mills. What is Smith's assessed value? (Round to the nearest dollar.)

Accepted Answer

$2,200 / .048 = $45,833.

Question 4

Bill Jones bought a fishing rod that sells for $70 subject to a 6% sales tax and an excise tax of 10%. The total amount Bill paid for the rod is:
A) $77.00
B) $74.20
C) $81.20
D) $75.00
E) None of these

Accepted Answer

Firstly, we need to calculate the sales tax: 
Sales tax = 6/100 * 70 = $4.20

Then, we need to add the sales tax to the initial price: 
Price after sales tax = $70 + $4.20 = $74.20

Next, we need to calculate the excise tax: 
Excise tax = 10/100 * $74.20 = $7.42

Finally, we need to add the excise tax to the price after sales tax to get the total amount paid:
Total amount paid = $74.20 + $7.42 = $81.62

So the closest answer choice is C) $81.20.

Question 5

The county of Blue needs $800,000 from property tax to meet its budget requirements. The total value of assessed property in Blue is $140,000,000. The tax rate of Blue in mills to nearest hundredth is (be sure to round the tax rate to the nearest hundred thousandth before converting to mills):
A) 5.71
B) 57.24
C) 571.24
D) 17.50
E) None of these

Accepted Answer

The answer of The county of Blue needs $800,000 from...

Question 6

In the community of Borg, the market value of a home is $080,000. If the assessment rate is 45%, the assessed value is:
A) $542,857
B) $292,308
C) $85,500
D) $85,505
E) None of these

Accepted Answer

The answer of In the community of Borg, the market...

Question 7

Calculate tax rate in decimal form (six decimal places):

Accepted Answer

The answer of Calculate tax rate in decimal form (six...

Question 8

In the community of Reese, the market value of a home is $180,000. The assessment rate is 35%. What is the assessed value?

Accepted Answer

The answer of In the community of Reese, the market...

Question 9

Complete (express answers to nearest hundredth):  
A. _______________
B. _______________
C. _______________
D. _______________

Accepted Answer

The answer of Complete (express answers to nearest hundredth): ...

Question 10

John's Market is assessed for $95,000. The current tax rate is $92.45 per $1,000 of assessed value. Calculate the tax due.

Accepted Answer

$95,000 / $1,000 = 95; 95 × $92.45 = $8,782.75.

Question 11

Calculate the total purchase price:
Given:

Accepted Answer

The answer of Calculate the total purchase price:
Given:
...

Question 12

Bill Shass pays a property tax of $5,800. In his community, the tax rate is 48 mills. Bill's assessed valuation to the nearest dollar is:
A) $278,400
B) $120,338
C) $278,004
D) $120,833
E) None of these

Accepted Answer

To find the assessed valuation, we need to use the formula:

Assessed Valuation = property tax / tax rate in mills

Converting 48 mills to a decimal, we get 0.048. Therefore,

Assessed Valuation = $5,800 / 0.048

Assessed Valuation = $120,833 (rounded to the nearest dollar)

Therefore, the correct answer is D, $120,833.

Question 13

Carol Reeve bought a new fur coat for $8,000. She must pay a 5% sales tax and a 7% excise tax. The furrier is shipping the coat, so Carol must also pay a $15 shipping charge. What is the total purchase price of the coat?

Accepted Answer

The answer of Carol Reeve bought a new fur coat...

Question 14

Moe Blunt came into Jan's Hardware Store and purchased a hammer for $16.75 plus a 5% tax. The total sales plus tax was:
A) $17.55
B) $17.54
C) $17.56
D) $17.62
E) None of these

Accepted Answer

The answer of Moe Blunt came into Jan's Hardware Store...

Question 15

Calculate (A) actual sales and (B) sales tax liability:
Total sales: $23,152.81 (includes a 5% tax.)
A. ____________
B. _____________

Accepted Answer

The answer of Calculate (A) actual sales and (B) sales...

Question 16

Mike's condo has a market value of $310,000. The property in Mike's area is assessed at 40% of the market value. The tax rate is $145.10 per $1,000 of assessed valuation. The tax for Mike is:
A) $16,992.40
B) $7,999.30
C) $7,999.40
D) $17,992.40
E) None of these

Accepted Answer

The answer of Mike's condo has a market value of...

Question 17

Calculate assessed value:
Given: property tax $6,100; 26 mills tax rate

Accepted Answer

The answer of Calculate assessed value:
Given: property tax $6,100; 26...

Question 18

Judy Ring purchased a watch with a retail price of $8,000. She would still have to pay a sales tax of 6% and an excise tax of 10%. Since the jeweler would be shipping this, there would be an additional $20 shipping charge. The total purchase price of this watch for Judy is:
A) $8,880
B) $8,936
C) $8,516
D) $8,496
E) None of these

Accepted Answer

The answer of Judy Ring purchased a watch with a...

Question 19

Jen Rich bought a new Toyota for $18,200 that included a 5% sales tax. The actual cost of the car (round to the nearest dollar) before the tax is:
A) $17,334
B) $17,333
C) $17,335
D) $08,110
E) None of these

Accepted Answer

To find the actual cost before tax, divide the total cost by 1.05 (since 5% tax means the total is 105% of the original price). $18,200 / 1.05 = $17,333.33, which rounds to $17,333.

Question 20

Calculate the assessed valuation:

Accepted Answer

The answer of Calculate the assessed valuation: ...

Quiz 8: Sales, Excise, and Property Taxes

French County needs $915,000 from property tax to meet its budget. The total value of assessed property in French is $140,000,000. What is the tax rate of French? Round to the nearest ten thousandth. Express that rate in mills.

The home of Russell Slater is assessed at $140,000. The tax rate is 11.8 mills. The actual amount of tax on Russell's home is:

Frank Smith pays a property tax of $2,200. The current tax rate is 48 mills. What is Smith's assessed value? (Round to the nearest dollar.)

Bill Jones bought a fishing rod that sells for $70 subject to a 6% sales tax and an excise tax of 10%. The total amount Bill paid for the rod is:

The county of Blue needs $800,000 from property tax to meet its budget requirements. The total value of assessed property in Blue is $140,000,000. The tax rate of Blue in mills to nearest hundredth is (be sure to round the tax rate to the nearest hundred thousandth before converting to mills) :

In the community of Borg, the market value of a home is $080,000. If the assessment rate is 45%, the assessed value is:

Calculate tax rate in decimal form (six decimal places):

In the community of Reese, the market value of a home is $180,000. The assessment rate is 35%. What is the assessed value?

Complete (express answers to nearest hundredth): A. _______ B. _ C. _ D. _______

John's Market is assessed for $95,000. The current tax rate is $92.45 per $1,000 of assessed value. Calculate the tax due.

Calculate the total purchase price: Given:

Bill Shass pays a property tax of $5,800. In his community, the tax rate is 48 mills. Bill's assessed valuation to the nearest dollar is:

Carol Reeve bought a new fur coat for $8,000. She must pay a 5% sales tax and a 7% excise tax. The furrier is shipping the coat, so Carol must also pay a $15 shipping charge. What is the total purchase price of the coat?

Moe Blunt came into Jan's Hardware Store and purchased a hammer for $16.75 plus a 5% tax. The total sales plus tax was:

Calculate (A) actual sales and (B) sales tax liability: Total sales: $23,152.81 (includes a 5% tax.) A. B. _

Mike's condo has a market value of $310,000. The property in Mike's area is assessed at 40% of the market value. The tax rate is $145.10 per $1,000 of assessed valuation. The tax for Mike is:

Calculate assessed value: Given: property tax $6,100; 26 mills tax rate

Judy Ring purchased a watch with a retail price of $8,000. She would still have to pay a sales tax of 6% and an excise tax of 10%. Since the jeweler would be shipping this, there would be an additional $20 shipping charge. The total purchase price of this watch for Judy is:

Jen Rich bought a new Toyota for $18,200 that included a 5% sales tax. The actual cost of the car (round to the nearest dollar) before the tax is:

Calculate the assessed valuation:

Quiz 8: Sales, Excise, and Property Taxes

French County needs $915,000 from property tax to meet its budget. The total value of assessed property in French is $140,000,000. What is the tax rate of French? Round to the nearest ten thousandth. Express that rate in mills.

The home of Russell Slater is assessed at $140,000. The tax rate is 11.8 mills. The actual amount of tax on Russell's home is:

Frank Smith pays a property tax of $2,200. The current tax rate is 48 mills. What is Smith's assessed value? (Round to the nearest dollar.)

Bill Jones bought a fishing rod that sells for $70 subject to a 6% sales tax and an excise tax of 10%. The total amount Bill paid for the rod is:

The county of Blue needs $800,000 from property tax to meet its budget requirements. The total value of assessed property in Blue is $140,000,000. The tax rate of Blue in mills to nearest hundredth is (be sure to round the tax rate to the nearest hundred thousandth before converting to mills) :

In the community of Borg, the market value of a home is $080,000. If the assessment rate is 45%, the assessed value is:

Calculate tax rate in decimal form (six decimal places):

In the community of Reese, the market value of a home is $180,000. The assessment rate is 35%. What is the assessed value?

Complete (express answers to nearest hundredth): A. _______________ B. _______________ C. _______________ D. _______________

John's Market is assessed for $95,000. The current tax rate is $92.45 per $1,000 of assessed value. Calculate the tax due.

Calculate the total purchase price: Given:

Bill Shass pays a property tax of $5,800. In his community, the tax rate is 48 mills. Bill's assessed valuation to the nearest dollar is:

Carol Reeve bought a new fur coat for $8,000. She must pay a 5% sales tax and a 7% excise tax. The furrier is shipping the coat, so Carol must also pay a $15 shipping charge. What is the total purchase price of the coat?

Moe Blunt came into Jan's Hardware Store and purchased a hammer for $16.75 plus a 5% tax. The total sales plus tax was:

Calculate (A) actual sales and (B) sales tax liability: Total sales: $23,152.81 (includes a 5% tax.) A. ____________ B. _____________

Mike's condo has a market value of $310,000. The property in Mike's area is assessed at 40% of the market value. The tax rate is $145.10 per $1,000 of assessed valuation. The tax for Mike is:

Calculate assessed value: Given: property tax $6,100; 26 mills tax rate

Judy Ring purchased a watch with a retail price of $8,000. She would still have to pay a sales tax of 6% and an excise tax of 10%. Since the jeweler would be shipping this, there would be an additional $20 shipping charge. The total purchase price of this watch for Judy is:

Jen Rich bought a new Toyota for $18,200 that included a 5% sales tax. The actual cost of the car (round to the nearest dollar) before the tax is:

Calculate the assessed valuation:

Complete (express answers to nearest hundredth): A. _______ B. _ C. _ D. _______

Calculate (A) actual sales and (B) sales tax liability: Total sales: $23,152.81 (includes a 5% tax.) A. B. _