Asked by Marina Kuksgauzen on May 15, 2024
Verified
The assessment on a farm consists of $143,000 for the house and $467,000 for the land and buildings. A mill rate of 15.0294 applies to residences, and a rate of 4.6423 applies to agricultural land and buildings. What are the total property taxes payable on the farm?
Mill Rate
A tax rate used to calculate local property taxes, expressed in a millage rate, which is one thousandth of a currency unit.
Agricultural Land
Land designated for the purpose of farming and cultivation to produce food and other agricultural products.
Property Taxes
Taxes levied by local governments based on the assessed value of real estate property.
- Mastery in solving problems involving rates and percentages in real-life contexts.
- Skill in precise calculation and financial assessment for both business and personal finance scenarios.
Verified Answer
AC
Learning Objectives
- Mastery in solving problems involving rates and percentages in real-life contexts.
- Skill in precise calculation and financial assessment for both business and personal finance scenarios.