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Mr. Smith has a house assessed at $51,000 (60 percent of sale value). His tax is $3.50 per $100 of AV. Mrs. Jones has a house assessed at $35,550 (45 percent of sale value). Her tax rate is 36.2 mills . From the following information , answer the following :
Who pays the greatest tax ?
How much greater?
Using the tax rate and the assessment practices of Mr. Smith's district, how much tax would Mrs. Jones pay?

2007-07-21 09:40:05 · 1 answers · asked by sharon s 1 in Business & Finance Other - Business & Finance

1 answers

Mr. Smith: (51,000/100)*3.50 = 1,785.00
Mrs. Jones: A mill is a tax rate per $1000
(35,550/1000)*36.20 = 1,286.91
Difference: 1,785.00 - 1,286.91 = 498.09

Jones in Smith Dist: (35,550/100)*3.50 = 1,244.25

2007-07-21 12:30:27 · answer #1 · answered by mindcrime828 7 · 0 0

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