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Author Question: What failures may occur with the current method of calculation of property tax? What will be an ... (Read 19 times)

Kikoku

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on: Jul 31, 2018
What failures may occur with the current method of calculation of property tax?
 
  What will be an ideal response?

Question 2

How is property tax calculated?
 
  What will be an ideal response?


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ergserg

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Reply #1 on: Jul 31, 2018
Answer to Question 1

ANSWER: A lack of uniformed valuation may lead people owning equivalent properties to pay different taxes.

Answer to Question 2

ANSWER: The market value of a property is first determined. Then the market value is converted into an assessed value, which in most cases is usually one-fourth or one-third of the market value. Then the property tax rate, expressed in mills, (dollars of tax per thousand dollars of assessed value) is multiplied by the assessed value.


Kikoku

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Reply 2 on: Jul 31, 2018
YES! Correct, THANKS for helping me on my review

nyrave

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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