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- a. If the uniform assessment percent is 40% and your property is assessed at $83,509, what fair market value does
this assessment assume?
b. Suppose that you believe that your property is actually worth $175,000. Would you have a justifi cation for fi ling
a tax grievance?
C. Setting Tax RatesUse the same rounding conventions as used in the text of this section.- The total tax levy for the Hopewell Corners Union School District is $25,005,295. The total assessed value of property in the
district is $475,925,000. Determine the property tax rate expressed as (a) a rate per thousand and (b) a rate per hundred. - The total tax levy for Stuyvesant County is $184,925,037, and the total assessed value of property in the county is
$9,045,913,025. Find the property tax rate, expressed as (a) a rate per thousand, (b) a rate per hundred, (c) a percent,
and (d) in mills.
D. Comparing Tax Rates- The City of Betaburg has a property tax rate of 15 mills and uses full assessment. The City of Alphaville has a property
tax rate of $7.25 per thousand, and a uniform assessment percent of 35%. Which city has the higher property tax rate? - Last year, my town’s tax rate was $40.35 per thousand. This year my assessment went up by 8.5%, but I was happy to
hear that the tax rate had been lowered to $39.08 per thousand. What percent increase or decrease will I see in my
town property tax bill this year?
E. Special Tax Rates- Zarofi re Systems has been offered property tax incentives to locate its headquarters in Olentangy County. The normal
property tax rate is $28.35 per thousand, and the property the company would use as its headquarters would be
assessed at $12,500,000. The county has offered a 40% reduction in property taxes for 10 years. What would the
company’s property taxes be for the fi rst full year if it takes the deal? - Zarofi re Systems has been offered property tax incentives to locate its headquarters in Blakeboro County. The usual
property tax rate is $17.45 per thousand, and the property the company would buy for a headquarters would be
assessed at $6,800,000. The county offered the company a 45% reduction in property taxes for 20 years.
a. What would the company’s county property taxes be for the fi rst full year under this arrangement.
b. Suppose that, in response to public objections to giving a blanket tax reduction to the company, the county
restructures its offer and instead offers a 45% reduction in the tax rate, but no change to the assessment. What
would the tax rate be under this arrangement? How would it change the company’s county taxes?
c. Suppose that public objections rang just as strong to “giving a lower tax rate to big corporations.” So the county
once again restructured the deal, this time keeping the tax rate the same, but offering a 45% lower assessment.
What would the assessment be in that case? How would it change the company’s county taxes?F. Grab Bag- The total tax levy is $30,000,000 and the total assessed value is $475,000,000. What is the tax rate, expressed as
(a) a rate per thousand and (b) as a percent?
Exercises 9.3 405