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Chapter 5 Review Exercises

Chapter 5 Review Exercises
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  • 17. Property Taxes in Chicot Country, Arkansas

    Using the information on the map, find the county taxes for a $128,000 home in Chicot County, Arkansas.

    • Worked-Out Solution

      The property tax on a home in Chicot County, Arkansas, assessed at $128,000 is

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     _    _      ___      ______     ___     _    _   
    | \  / ||   / _ \\   /_   _//   / _ \\  | \  / || 
    |  \/  ||  / //\ \\  `-| |,-   | / \ || |  \/  || 
    | .  . || |  ___  ||   | ||    | \_/ || | .  . || 
    |_|\/|_|| |_||  |_||   |_||     \___//  |_|\/|_|| 
    `-`  `-`  `-`   `-`    `-`'     `---`   `-`  `-`  
                                                      
    
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  • 18. Property Taxes in Juneau, Alaska

    Using the information on the map, find the city taxes for a $240,000 home in Juneau, Alaska.

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     __   __   _    _     _____      ___    __    __  
     \ \\/ // | || | ||  / ____||   / _ \\  \ \\ / // 
      \   //  | || | || / //---`'  | / \ ||  \ \/ //  
      / . \\  | \\_/ || \ \\___    | \_/ ||   \  //   
     /_//\_\\  \____//   \_____||   \___//     \//    
     `-`  --`   `---`     `----`    `---`       `     
                                                      
    
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  • 19. Property Taxes in Boise, Idaho

    Using the information on the map, find the effective property tax rate of city taxes in Boise, Idaho.

    • Worked-Out Solution

      The assessment level in Boise, Idaho, is 100%. So, the effective tax rate is

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     __   __     ___     __   __     ___      ______  
     \ \\/ //   / _ \\   \ \\/ //   / _ \\   /_   _// 
      \   //   | / \ ||   \   //   | / \ ||    | ||   
      / . \\   | \_/ ||   / . \\   | \_/ ||   _| ||   
     /_//\_\\   \___//   /_//\_\\   \___//   /__//    
     `-`  --`   `---`    `-`  --`   `---`    `--`     
                                                      
    
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  • 20. Comparing Property Tax Rates

    Find the effective property tax rates of county taxes for Adams County, Colorado, and Chicot County, Arkansas. Which county has greater taxes?

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     _    _     _____               _____     _  _   
    | |  | ||  |  ___||     ___    |  ___||  | \| || 
    | |/\| ||  | ||__      /   ||  | ||__    |  ' || 
    |  /\  ||  | ||__     | [] ||  | ||__    | .  || 
    |_// \_||  |_____||    \__ ||  |_____||  |_|\_|| 
    `-`   `-`  `-----`      -|_||  `-----`   `-` -`  
                             `-`                     
    
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  • 21. Homestead Tax Credit

    Homeowners in Arkansas can receive a homestead tax credit up to $350. A home with an assessed value of $24,000 is subject to a combined tax rate of 51.8 mills. How much would the homeowner pay in property taxes assuming he or she receives the maximum homestead tax credit?

    • Worked-Out Solution

      Without the homestead tax credit, the property tax would be

      Because the maximum homestead tax credit is $350, the homeowner would have to pay

      in property taxes.

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     ______     ______   ______     _____   __    __  
    |      \\  /_   _// |      \\  |  ___|| \ \\ / // 
    |  --  //   -| ||-  |  --  //  | ||__    \ \/ //  
    |  --  \\   _| ||_  |  --  \\  | ||__     \  //   
    |______//  /_____// |______//  |_____||    \//    
    `------`   `-----`  `------`   `-----`      `     
                                                      
    
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  • 22. Exemption

    The assessed value of a home in Idaho is $160,000, and the combined tax rate is 10.5 mills. The homeowner receives an exemption of 50% of the assessed value. How much does the homeowner pay in property taxes?

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      _____    __   __    _____     _____     ______  
     |__  //   \ \\/ //  / ____||  |  ___||  /_   _// 
       / //     \ ` //  / //---`'  | ||__    `-| |,-  
      / //__     | ||   \ \\___    | ||__      | ||   
     /_____||    |_||    \_____||  |_____||    |_||   
     `-----`     `-`'     `----`   `-----`     `-`'   
                                                      
    
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