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House Hunting Finding your own place is exciting, but it is also a big responsibility.

House Hunting Finding your own place is exciting, but it is also a big responsibility. What are some costs associated with renting or buying a home?. Lesson Objective Calculate the assessed value and real estate taxes for a home. Content Vocabulary. real estate taxes. real estate taxes

amelia-potter
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House Hunting Finding your own place is exciting, but it is also a big responsibility.

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  1. House Hunting Finding your own place is exciting, but it is also a big responsibility. What are some costs associated with renting or buying a home?

  2. Lesson Objective Calculate the assessed value and real estate taxes for a home. Content Vocabulary • real estate taxes real estate taxes Taxes collected by the city or county from homeowners to pay for roads, parks, schools, government offices, and other services. assessed value The dollar value a tax assessor assigns to a property for taxation purposes. tax rate The percent of income, sales, or property value collected in taxes. The tax rate on property is sometimes expressed in mills per dollar of the property’s assessed value. market value The price at which a property can be bought or sold. rate of assessment The percent of a property’s market value that is taxed. • assessed value • tax rate • market value • rate of assessment

  3. Example 1 The Fulton County tax assessor determined that the market value of Courtland Farm is $340,000.00. The rate of assessment in Fulton County is 40 percent of market value. The tax rate is 50.73 mills. What is the real estate tax on Courtland Farm?

  4. Example 1 Answer: Step 1 Find the assessed value. Market Value × Rate of Assessment $340,000.00 × 40% = $136,000.00

  5. Example 1 Answer: Step 2 Express the tax rate as a decimal. 50.73 mills ÷ 1,000.00 = 0.05073

  6. Example 1 Answer: Step 3 Find the real estate tax. Tax Rate × Assessed Value 0.05073 × 136,000.00 = $6,899.28

  7. Practice 1 A townhouse’s market value is $163,000. The rate of assessment is 36 percent. The tax rate is $75 per $1,000. What is the annual real estate tax?

  8. Practice 1 Answer $4,401

  9. Practice 2 A home’s market value is $580,000. The rate of assessment is 80 percent. The tax rate is 25.13 mills. What is the annual real estate tax?

  10. Practice 2 Answer $11,660.32

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