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5.3 Property Tax

5.3 Property Tax
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  • 9. Property Tax Bills

    Property taxes in Anytown consist of town, county, and school taxes. The town and county taxes are due in May. The school taxes are due in October. Use the property tax bills shown. Assume that Clarice and Fred are subject to the same tax rates.

    How much is Clarice's school tax bill? How much more does she pay for town and county taxes than Fred? (See Example 3 and Example 4.)

    • Worked-Out Solution

      By looking at Fred's property tax bill, you can see that his school tax is

      By multiplying, you can determine that the assessment level is 100%.

      This implies that Clarice's school tax is

      Fred's town and county property taxes are

      and

      The total town and county property taxes paid by Clarice and Fred are:

      Clarice

      Fred

      So, Clarice pays taxes than Fred pays.

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      _____     ______    _  _     ______   _    _   
     / ____||  /_   _//  | \| ||  /_   _// | |  | || 
    / //---`'   -| ||-   |  ' ||   -| ||-  | |/\| || 
    \ \\___     _| ||_   | .  ||   _| ||_  |  /\  || 
     \_____||  /_____//  |_|\_||  /_____// |_// \_|| 
      `----`   `-----`   `-` -`   `-----`  `-`   `-` 
                                                     
    
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  • 10. Deciding to Appeal the Assessed Value

    Property taxes in Anytown consist of town, county, and school taxes. The town and county taxes are due in May. The school taxes are due in October. Use the property tax bills shown. Assume that Clarice and Fred are subject to the same tax rates.

    Clarice plans to sell her home within the next 2 years. Her neighbor's home is similar and has an assessed value of $100,000. Is it worth Clarice's time and effort to appeal the assessed value shown on the property tax bill? Explain. (See Example 3 and Example 4.)

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     _____      _____     _  _     _____     _____   
    |  __ \\   |  ___||  | \| ||  |  ___||  / ____|| 
    | |  \ ||  | ||__    |  ' ||  | ||__   / //---`' 
    | |__/ ||  | ||__    | .  ||  | ||__   \ \\___   
    |_____//   |_____||  |_|\_||  |_____||  \_____|| 
     -----`    `-----`   `-` -`   `-----`    `----`  
                                                     
    
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  • 11. Deciding to Appeal the Assessed Value

    Property taxes in Anytown consist of town, county, and school taxes. The town and county taxes are due in May. The school taxes are due in October. Use the property tax bills shown. Assume that Clarice and Fred are subject to the same tax rates.

    Fred owns a home similar to three other homes on Yawkee Hill Road. The assessed values of the other 3 homes are $47,000, $49,000, and $60,000. Should Fred appeal the assessed value shown on the property tax bill? Explain. ( See Example 3 and Example 4.)

    • Worked-Out Solution

      Fred's assessment is similar to that of his neighbor's assessments. He should not appeal.

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     _    _      ___    __    __   __   __  __    __  
    | || | ||   / _ \\  \ \\ / //  \ \\/ // \ \\ / // 
    | || | ||  | / \ ||  \ \/ //    \ ` //   \ \/ //  
    | \\_/ ||  | \_/ ||   \  //      | ||     \  //   
     \____//    \___//     \//       |_||      \//    
      `---`     `---`       `        `-`'       `     
                                                      
    
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  • 12. Adjusting Property Tax

    Property taxes in Anytown consist of town, county, and school taxes. The town and county taxes are due in May. The school taxes are due in October. Use the property tax bills shown. Assume that Clarice and Fred are subject to the same tax rates.

    After an appeal, the assessed value of Clarice's home decreases to $100,000. She receives a homestead tax credit according to the graph on page 227. How much does she pay in property tax? (See Example 3 and Example 4.)

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     _    _    _    _   __    __     ___      _____   
    | |  | || | || | || \ \\ / //   / _ \\   /  ___|| 
    | |/\| || | || | ||  \ \/ //   | / \ || | // __   
    |  /\  || | \\_/ ||   \  //    | \_/ || | \\_\ || 
    |_// \_||  \____//     \//      \___//   \____//  
    `-`   `-`   `---`       `       `---`     `---`   
                                                      
    
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  • 13. Adjusting Property Tax

    Property taxes in Anytown consist of town, county, and school taxes. The town and county taxes are due in May. The school taxes are due in October. Use the property tax bills shown. Assume that Clarice and Fred are subject to the same tax rates.

    Fred does not appeal the assessment. He receives a homestead tax credit according to the graph on page 227. How much does he pay in property tax? (See Example 3 and Example 4.)

    • Worked-Out Solution

      From Exercise 9, add the school, town, and county taxes to find Fred's total property tax

      From the above graph, you can see that Fred is elligible for a homestead tax credit of $200.

      So, his total property tax bill is

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       _____   _    _    _____      ______   _____    
      / ___// | || | || |  __ \\   /_   _// |  __ \\  
      \___ \\ | || | || | |  \ ||   -| ||-  | |  \ || 
      /    // | \\_/ || | |__/ ||   _| ||_  | |__/ || 
     /____//   \____//  |_____//   /_____// |_____//  
    `-----`     `---`    -----`    `-----`   -----`   
                                                      
    
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  • 14. Raising Taxes

    A municipality can increase taxes by increasing the tax rate. Describe another method municipalities can use to raise property taxes.

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      _____     _____     ____       ___              
     /  ___||  |  ___||  |  _ \\    / _ \\      ___   
    | // __    | ||__    | |_| ||  / //\ \\    /   || 
    | \\_\ ||  | ||__    | .  //  |  ___  ||  | [] || 
     \____//   |_____||  |_|\_\\  |_||  |_||   \__ || 
      `---`    `-----`   `-` --`  `-`   `-`     -|_|| 
                                                 `-`  
    
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