The assessed valuation of a fifty foot lot was $105 dollars per front foot.
The house was assessed at $65,000.
The tax rate is 48 mills.
What are the yearly taxes ?
The answers and corresponding solutions are posted below the wildlife photo. Please take your time.
First, let's find out the assessment of the front footage by multiplying 50 feet times 105 dollars.
We get $5250. So next we want to know what the tax is on the lot per front foot, and if we multiply the millage rate or 48 mills or .048 times the front footage assessment we get a total of $252 in taxes for the front footage.
Next, let's find out what the taxes are on the house by multiplying 48 mills or .048 times 65000 and we find that we have a tax assessment on the house of $3120.
Put the front footage assessment and the house assessment together by adding 252 and 3120 and we have a total of $3372 in yearly taxes due on the property.
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