Question

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 before the due date______

B. What amount is owed if the taxes are paid 2 months after due date: ________

C. What is the difference to the property owners between paying on time and paying 2 months late? ________

Answer 1