David Saks: December 2014

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 3850

math

The assessed value of all of the commercial property in the township of Elvis is 120 million dollars and the annual city budget is 6 million dollars. The township uses a percentage, which is the ratio of the assessed value of all of the town's commercial property to the town's budget, for taxing the assessed value of each parcel of commercial property.

If your commercial property is assessed at 400 thousand dollars how much property tax would you pay based on the formula for taxation above if the individual property assessment is divided by the ratio of assessed value of all of the town's commercial property to the annual town budget ?

wildlife

 

A. 20 thousand dollars.

Let's figure out the assessed rate by the assessed value of all of the commercial property in Elvis, $120 million dollars, by the annual town budget of 6 million dollars. That gives us a ratio of 20.

Next, divide 400 thousand by 20 and we find that the property tax is 20 thousand dollars on the individual piece of commercial real estate.




David Saks



Time&Temp Memphis

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Comment balloon 0 commentsDavid Saks • December 08 2014 11:50AM
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