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.

Question

Quizplus · Accepted Answer

First, we need to calculate the assessed value of the property:

Assessed value = 40% of $350,000 
Assessed value = $140,000

Next, we need to calculate the amount of taxes due:

Taxes due = (Assessed value - Exemptions) x (Millage Rate / 1,000) 
Taxes due = ($140,000 - $2,000) x (33.95 / 1,000) 
Taxes due = $4,685.10

Therefore, the total annual tax liability of the homeowner is $4,685.10. Option A is the correct answer.

Given the Following Information, Calculate the Total Annual Tax Liability