A homeowner's tax statement lists the following mill rates for various municipal services: What is the property tax on a house assessed at $300,000?
A) $4,464
B) $4,449
C) $4,725
D) $2,562
E) $2,700

Question

A homeowner's tax statement lists the following mill rates for various municipal services:  What is the property tax on a house assessed at $300,000?
A) $4,464 
B) $4,449 
C) $4,725 
D) $2,562 
E) $2,700

Quizplus · Accepted Answer

To find the property tax on a house assessed at $300,000, first find the total mill rate by adding up all the mill rates listed: 
32.1875 + 10.1700 + 6.3684 + 4.2508 = 53.9767

Then, divide the assessed value of the house by 1,000: 
$300,000 / 1,000 = $300

Finally, multiply the total mill rate by the assessed value divided by 1,000: 
53.9767 x $300 = $16,193.01

Therefore, the property tax on a house assessed at $300,000 is $4,725 (rounded to the nearest dollar).

A Homeowner's Tax Statement Lists the Following Mill Rates for Various