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5.3 Property Tax

5.3 Property Tax
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  • Math Help

    Property tax rates are often expressed in mills. A mill is equal to of a cent, or of a dollar. To change the tax rates in Example 1 to decimal form, divide by 1000, as shown.

    a.

    b.

    Depending on where you live, property taxes may be used to fund public education, fire departments, snow removal, public libraries, debt, and many other services. Also, property taxes may be combined (see Example 3) or expressed in individual millages (see Exercises 9-13).

  • Consumer Suggestion

    A tax bill can be confusing if you don't know how to read it. This sample property tax bill gives a detailed explanation of information found on a property tax bill.

  • Checkpoint Solution

    c.

    d.

  • Comments (2)

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    system user
    Jackie (moderator)6 years ago |
    North Dakota is currently considering a movement to eliminate property taxes. However, this may not be the best answer to tax problems for North Dakota residents.

    Find out more on the andYOU blog: http://www.andyou.com/blog/math-in-the-news/math-in-the-news-property-tax/
    0
    system user
    Ron Larson (author)6 years ago |
    Be careful with the terminology in this section. I had to rewrite it a couple times before I got even a majority consensus that I had explained property tax in a way that coincided with how it is most commonly applied. The wrinkle is that the tax rate, assessment level, and market value tend to have different interpretations in different tax districts.
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