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5.3 Property Tax

5.3 Property Tax
  • Math Help

    It should be noted that in the formula

    from page 224, the market value used is the one determined by the assessor not the appraiser.

    In Example 1, the property tax was calculated by multiplying the tax rate, the assessment level, and the market value. In Example 3, the assessed value is given. So, the property tax is calculated by multiplying the tax rate and the assessed value.

    To change the tax rate in Example 3 to decimal form, divide by 1000, as shown.

  • Consumer Suggestion

    Is your property tax bill too high? Visit Kiplinger for steps to lower your property tax bill.

  • Checkpoint Solution

    Your monthly home insurance bill is

    Your annual property tax is

    Your monthly property tax bill is

    Your total monthly payment is

  • Comments (2)

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    Showing 2 comments
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    system user
    Jackie (moderator)1 decade ago |
    Recently a 1-percent cap has been placed on homestead property taxes for the state of Indiana. Individual municipalities with higher property tax rates are seeing a loss of revenue due to the tax cap.

    You can read more about property taxes and assessed home value at the andYOU blog:
    system user
    Ron Larson (author)1 decade ago |
    The moral of Example 3 is it can be beneficial to question any bill (including tax bills) that you receive. The bill might have been calculated incorrectly.