Quick Tax Quiz: How to Calculate Property Tax Liability
February 22, 2009
Last month many homeowners received their property tax bills. As hard as it can be to write such a large check, it can be even harder to figure out exactly how the local taxing authorities calculated your tax bill. So, in the spirit of helping taxpayers understand their tax bills and the complex laws and math behind them:
What is the property tax liability for a home with a market value of $300,000, an assessment ratio of 60%, and a nominal property tax rate of 14.5 mills?
Click on your choice to find out whether it’s correct.