Ron Larson
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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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