Question

How to calculate the city of knightstown property tax bill

How to calculate the city of knightstown property tax bill

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

The city of Knightstown come under Henry county of Indiana.A tax rate is the % used to determine how much a property owner would require to pay per 100 USD of net assessed value.Here property tax is collected on average 0.98% of a property's fair assessed market value.Residents pay 1.9% of their yearly income as property tax.

Here basically a complicated formula used to determine property tax. Tax rate is determined by Total Tax Levy/(Total Net Assessed value/100). Median property tax is $931 with $49(cap).So, tax bill calculation done by deducting local tax rate from assessed value of the property.For residential property and ,homestead deduction is applied.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Bill Shass pays a property tax of $3,800. In his community, the tax rate is 50...
Bill Shass pays a property tax of $3,800. In his community, the tax rate is 50 mills. What is Bill’s assessed value? (Do not round intermediate calculations.)
A tax assessor wants to estimate the mean property tax bill for all homeowners living in...
A tax assessor wants to estimate the mean property tax bill for all homeowners living in Madison, Wisconsin. A survey completed three years ago indicated that the mean and standard deviation were $1400 and $1000. Assuming that the standard deviation is still about $1000, how large a sample of tax records should the tax assessor take in order to estimate the mean correct to within $100 with probability 0.90?
Calculate the assessed value and the property tax due on the following property. Round your answer...
Calculate the assessed value and the property tax due on the following property. Round your answer for property tax due to the nearest cent. Fair Market Value Assessment Rate Assessed Value Property Tax Rate Property Tax Due $100,500 85% $ $1.50 per $100 $
As a homeowner in the City of Bloomington you are interested in calculating the Effective Property...
As a homeowner in the City of Bloomington you are interested in calculating the Effective Property Tax Rate you expect to pay on your property. Based on the following information, calculate the ETR of your property for BOTH of the following scenarios. It is fine to work in groups but you must turn in your work and your work only. Scenario 1) You know from government legislation that the legal tax rate on your property is 2.4% and the city’s...
The City of Alpine incurred the following costs during the year in its property tax collection...
The City of Alpine incurred the following costs during the year in its property tax collection department: Purchase of computer equipment $10,000 Salaries and wages $400,000 Purchase of electricity from the city-owned electric utility $40,000 Purchase of supplies, all of which were used during the year. $10,000 What amount should be reported as expenditure under general fund
If the tax bill cuts taxes for the middle class, how will this affect the real...
If the tax bill cuts taxes for the middle class, how will this affect the real economy and the forex market? Explain with the help of a graph.
Roche City has two major sources of revenue; sales taxes and property taxes. The state collects...
Roche City has two major sources of revenue; sales taxes and property taxes. The state collects the sales tax revenues and will transfer $230,000 cash to the city on March 1, 2018 for the sales tax revenues earned in the last quarter of 2017. Property tax bills were sent to property owners of Roche City in September 2017. The total amount due to Roche City is $45,000,000. Traditionally, property tax revenues have been received in cash according to the following...
Calculate the maximum tax year 2019 depreciation deduction allowable for property that is properly classified as...
Calculate the maximum tax year 2019 depreciation deduction allowable for property that is properly classified as new five year property and is not an automobile. The taxpayer is a calendar year taxpayer and placed the property into service on June 1, 2019. The property was acquired for $97,000 and the taxpayer did not elect bonus depreciation or section 179 expensing. The taxpayer placed no other depreciable property into service in 2019
Bill and his wife Nadine are worth $33 Million. All of their property is community. They...
Bill and his wife Nadine are worth $33 Million. All of their property is community. They think they need to start transferring property to their three children, ages 11, 8, and 6. Bill and Nadine read an article in Fortune magazine that said each could give $15,000 per year to each child. So they did a little math and decided they could jointly give $30,000 to each child, or $90,000 per year in total. The article said this did not...
The village of maple park recorded $2,546,225 of property tax revenue when the property tax was...
The village of maple park recorded $2,546,225 of property tax revenue when the property tax was levied in 2019. $38,775 of the levy was expected to be uncollectible. On the two property tax collection dates, a total of $2,516,225 was collected. On December 31, 2019, the village expected property tax collections during the balance of 2020 to be $12,000. Required: Make adjusting and reclassification entries related to property taxes for the general fund Maple Park on December 31, 2019.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT