Question

(a) If the Assessed Value is $1,500,000 and the equalization rate is .25 or 25% what is the Market Value?

(b) If a property has an Assessed Value of $2,500,000 and a tax rate of $10.537 per $100 of Assessed Value how much is due in taxes.

(c) If the lot size is 25,000 square feet and the Maximum FAR is 3.25 how many square feet can the building contain if there are no other zoning restrictions?

(d) If the lot is rectangular and the lot size is 40,000 square feet and the minimum front yard is 15 feet the minimum side yards are 25 feet each and the minimum rear yard is 20 feet what is the maximum size of the first floor if there are no other zoning restrictions?

Answer 1

Answer:

(a) Assessed Value = $1,500,000
Equalization rate = 25%

Market Value = Assessed Value / Equalization Rate
Market Value = 1500000 / 25% = $6,000,000

(b) Tax levy per $100 of assessed value = 10.537 /100 = $0.10537
Value due in taxes = 2,500,000 * 0.10537 = $263,425

(c) Lot size = 25000 square feet
Maximum floor area ratio (FAR) = 3.25
Maximum square feet that the building can contain = lot size * FAR
Maximum square feet that the building can contain = 25000 * 3.25 = 81250