| Prop- erty Value | Tax | Prop- erty Value | Tax | Prop- erty Value | Tax | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| $ | 1 | $ | 0.009 | $ | 40 | $ | 0.36 | $ | 700 | $ | 6.30 |
| 2 | 0.018 | 50 | 0.45 | 800 | 7.20 | ||||||
| 3 | 0.027 | 60 | 0.54 | 900 | 8.10 | ||||||
| 4 | 0.036 | 70 | 0.63 | 1,000 | 9.00 | ||||||
| 5 | 0.045 | 80 | 0.72 | 2,000 | 18.00 | ||||||
| 6 | 0.054 | 90 | 0.81 | 3,000 | 27.00 | ||||||
| 7 | 0.063 | 100 | 0.90 | 4,000 | 36.00 | ||||||
| 8 | 0.072 | 200 | 1.80 | 5,000 | 45.00 | ||||||
| 9 | 0.081 | 300 | 2.70 | 6,000 | 54.00 | ||||||
| 10 | 0.09 | 400 | 3.60 | 7,000 | 63.00 | ||||||
| 20 | 0.18 | 500 | 4.50 | 8,000 | 72.00 | ||||||
| 30 | 0.27 | 600 | 5.40 | 9,000 | 81.00 | ||||||
The Amount of Tax.—To find the amount of tax to be paid by any property owner.
Rule.—Multiply the assessed value of the property by the tax rate.
Example: Taylor’s property is assessed at $3800. The rate is 24 mills.
| Solution: | $3800 | assessed valuation |
| .024 | tax rate in mills | |
| $91.20 | tax. |
Example: The town of Grant is to raise $4725 in tax. The property in the town has an assessed valuation of $395,140. What is the rate?
If on $395,140 a tax of $4725 is to be raised, on $1 as much tax must be raised as $395,140 is contained times in $4725, which is .0119+, or about $.0119. This would be called $0.012, or 12 mills on the dollar.
Example: Finch’s property is assessed at $5470. The tax rate is $1.95.
Solution:
| $1.95 | the rate per hundred dollars |
| 54.70 | the number of hundreds of dollars assessed value |
| $106.67 | the tax. |