Question

A property is located in Bryan, Texas. It is subject to taxes from three different taxing...

A property is located in Bryan, Texas. It is subject to taxes from three different taxing authorities:

City of Bryan = $0.629990 per $100 of value

Brazos County = $0.497500 per $100 of value

Bryan ISD = $1.270000 per $100 of value

Based on the tax rates above, what is the total tax rate per $100 of value for the property in Bryan, Texas?

a. $0.629990

b. $1.270000

c. $2.00

d. $2.397490

e. $2.749390

Using the total tax rate answer from Question above, what would the estimated tax amount be for a property in Bryan, Texas that is assessed at a value of $200,000?

a. $2,397.49

b. $47,949.80

c. $4,794.98

d. $5,589.88

e. $479.50

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Q) Based on the tax rates above, what is the total tax rate per $100 of value for the property in Bryan, Texas?

=> It is given that it is subject to taxes from 3 different authorities, that is $0.629990 per $100 of value , $0.497500 per $100 of value and $1.270000 per $100 of value

=> Since all the taxes are given per $ 100 , we need to add all the different taxes to get the total taxes per $ 100

=> 0.629990 + 0.497500 + 1.270000 = 2.397490

=> Therefore the answer is option d. $ 2.397490

Q) Using the total tax rate answer from Question above, what would the estimated tax amount be for a property in Bryan, Texas that is assessed at a value of $200,000?

=> We know the tax rate is 2.397490 % , multiply the tax rate and the value of property ( $ 200,000) to get the estimated tax amount , 2.397490% * 200000 = $ 4,794.98

=> Therefore the answer is option c. $ 4,794.98

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
New Hampshire ranks as the #1 most expensive state for property taxes. The median 2017 property...
New Hampshire ranks as the #1 most expensive state for property taxes. The median 2017 property tax was $4,636. the 2019 rate $125 per $100 of assessed value, how much does a homeowner owe for a property assessed at $378,150^ (Round your answer to the nearest cent.)
11. A lender requires that the monthly mortgage payment include 1/2 of the annual taxes. Property...
11. A lender requires that the monthly mortgage payment include 1/2 of the annual taxes. Property value is $100,000. The assessment ratio is 30%. School tax rate is 12 mills; county tax rate is 25 mills. What is the tax payment per month? 12. A property is assessed at $80,000. The tax rate is $26 per $1,000 with a 2% discount for promptness and an 18% per annum charge for delinquency. A. Determine the amount owed if taxes are paid...
Dammam is the capital of the Eastern Province of Saudi Arabia. Dammam is the largest city...
Dammam is the capital of the Eastern Province of Saudi Arabia. Dammam is the largest city in the Eastern Province, and the sixth largest in Saudi Arabia, after Riyadh, Jeddah, Mecca, Medina and Taif . Dammam is a major administrative center for the Saudi oil industry. Together with the nearby cities of Dhahran and Al Khobar, Dammam forms part of the Dammam Metropolitan Area, which is commonly known as greater Dammam. Dammam Municipal Corporation is preparing its budget for calendar...
___25. Roger died and in his will he bequeathed all of his property to his daughter,...
___25. Roger died and in his will he bequeathed all of his property to his daughter, Sara. The property was worth $200,000 at Roger’s death. For federal income tax purposes, Sara should: include $200,000 in her gross income deduct $200,000 from AGI, subject to a 10% floor include $187,000 in her gross income exclude $200,000 from her gross income deduct $200,000 for AGI __26. Once a month, Arthur called his mother long distance from his telephone at the office. His...
In 1963, the Legislature in Hawaii passed the Pittsburgh T ax Plan which changed property tax...
In 1963, the Legislature in Hawaii passed the Pittsburgh T ax Plan which changed property tax rates from a single rate levied on property values to a split - rate system in which land and improvements are taxed at different rates. As a result of the law, land in Honolulu was taxed at $15 per $1000 of assessed value and improvements were taxed at substantially less. Suppose there are four major political interests in Hawaii: hotel, agriculture, small business and...
The following data are for the town of Paragon in the fiscal year starting January 1,...
The following data are for the town of Paragon in the fiscal year starting January 1, 2016. Budgeted town expenditures $20,000,000 Estimated revenue from grants, fees, and licenses $6,000,000 Assessed value of property $142,000,000 a. What is the town property tax rate in dollars per $100 of assessed value? b. The Wooden family has property with a fair cash value of $90,000. The assessment ratio is one-third. The family is entitled to a mortgage exemption of $5,000. That is taken...
Madrano's Wholesale Fruit Company located in? McAllen, Texas is considering the purchase of a new fleet...
Madrano's Wholesale Fruit Company located in? McAllen, Texas is considering the purchase of a new fleet of tractors to be used in the delivery of fruits and vegetables grown in the Rio Grande Valley of Texas. If it goes through with the? purchase, it will spend $400,000 on eight rigs. The new trucks will be kept for 5 years, during which time they will be depreciated toward a $40,000 salvage value using? straight-line depreciation. The rigs are expected to have...
Ron, a calendar year taxpayer subject to a 35% marginal tax rate, claimed a Form 1040...
Ron, a calendar year taxpayer subject to a 35% marginal tax rate, claimed a Form 1040 charitable contribution deduction of $250,000 for a sculpture that the IRS later valued at $150,000. The applicable overvaluation penalty is: A. $0 B. $7,000 C. $10,000 (maximum penalty) D. $14,000 Concerning a taxpayer’s requirement to make quarterly estimated tax payments: A. An individual must make estimated payments if his or her balance due for the Federal income tax for the year will exceed $1,000....
Sadik Industries must install $1 million of new machinery in its Texas plant. It can obtain...
Sadik Industries must install $1 million of new machinery in its Texas plant. It can obtain a bank loan for 100% of the required amount. Alternatively, a Texas investment banking firm that represents a group of investors believes that it can arrange for a lease financing plan. Assume that these facts apply: The equipment falls in the MACRS 3-year class. Estimated maintenance expenses are $50,000 per year. The firm's tax rate is 37%. If the money is borrowed, the bank...
A large number of tourists choose between two holiday resorts: Ecoheaven and Beachfun. Ecoheaven is located...
A large number of tourists choose between two holiday resorts: Ecoheaven and Beachfun. Ecoheaven is located in an environmentally fragile area, and the payo§ to tourists visiting this resort is negatively a§ected by the number of visitors. The payo§ from visiting Beachfun, by contrast, is independent of the number of tourists. Formally, let II(E) and II(B) denote the payo§s from visiting Ecoheaven and Beachfun, and let x denote the percentage of tourists who visit Ecoheaven (i.e. 0<x<100). With this notation,...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT