Assessed Value (Yes, another tax appraisal thread)

[Elliott]

cwd,
I wonder 'why' you need to know the taxes for residential work.
If you can't call the county and get it, then its N/A or New. Why
fuss?

Oh, how do the actual taxes actually affect the market value,
I'm thinking, not much.

 

[Jalexi]

Ok, so here I am.....getting ready to take my Certified exam next week & really confused on some pre-test tax mill questions. I was REALLY excited to see that this topic was just on the forum...but ooops everyone's fighting again

I really don't get the concept of what a mill is...is it a percent or what? I'm still lost, so if anyone wants to explain to me how to figure out this question, I'd be very happy

The annual property tax on a subject is $1,274. The taxing authority assesses this type of property at 65% of market value. What is the assessor's estimate of market value of the subject if the tax rate is 20 mills?

AT$1,274 divided by mill rate .020 = $63,700 divided by.65 = $98,000

Mill rate move the decimal point 3 places to the left.