Question

Suppose your house has a resale value (Fair Market Value) of $300,000. The county assessor reports an assessment ratio on this property of 0.40. (a) If your local library has a budget of $6,000,000 and the total assessed valuation (tax base) of the library district is $17,500,000,000, what would be dollar amount on your tax bill corresponding to the library district? (b) If, because of the recession, the total assessed valuation of the library district reduces to $15,000,000,000 but the library budget remains unchanged and the resale value of your house remains unchanged, and you would like your tax bill also to remain unchanged, what would have to be the new assessment ratio, and assessed value, of your house?

          Suppose your house has a resale value (Fair Market Value) of $300,000. The county assessor reports an assessment ratio on this property of 0.40. (a) If your local library has a budget of $6,000,000 and the total assessed valuation (tax base) of the library district is $17,500,000,000, what would be dollar amount on your tax bill corresponding to the library district? (b) If, because of the recession, the total assessed valuation of the library district reduces to $15,000,000,000 but the library budget remains unchanged and the resale value of your house remains unchanged, and you would like your tax bill also to remain unchanged, what would have to be the new assessment ratio, and assessed value, of your house?

Suppose your house has a resale value (Fair Market Value) of 300,000. The county assessor reports an assessment ratio on this property of 0.40. (a) If your local library has a budget of6,000,000 and the total assessed valuation (tax base) of the library district is 17,500,000,000, what would be dollar amount on your tax bill corresponding to the library district? (b) If, because of the recession, the total assessed valuation of the library district reduces to15,000,000,000 but the library budget remains unchanged and the resale value of your house remains unchanged, and you would like your tax bill also to remain unchanged, what would have to be the new assessment ratio, and assessed value, of your house?

Added by Jared J.

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