David Saks: November 2010

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 880

                                                    #880

If a home is assessed at 80% of it's value and it's value is $800,000, and the combined tax rate is equal to $42.50 per 1000 dollars of valuation, what is the total annual tax amount ?

Remember to take your time. The solution is posted below the wildlife photograph.

wildlife
A. $27,200

Let's find out what the assessed value of the home is by multiplying the assessed value rate of 80% or .8 times the value of the home, $800,000, and we see that the assessed value of the home is $640,000.
Now, let's multiply 640 (640 thousand dollar increments) times the  tax rate of $42.50 per thousand dollars to see that the total annual tax is $27,200.




David Saks



Time&Temp Memphis

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Comment balloon 0 commentsDavid Saks • November 01 2010 04:10AM
Real Estate Practice : Lesson 880
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