Quiz 9.5-9.7 - Quiz 9.5-9.7 Money Management Name:_...

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Quiz 9.5-9.7 Name:___________________________ Money Management Date:________________Period:______ SHOW ALL WORK!! 1. The Smiths’ home is located in a community where the rate of assessment is 35% of the market value. The tax is $75 per $1000 of assessed value. The Smiths’ home has a market value of $145,000. What is the assessed value? _______________ What is the yearly real estate tax? _______________ 2. The rate of assessment in Wayne County is 45%. The tax rate is 75.23 mills. What is the real estate tax on a piece of property that has a market value of $45,600? _______________ 3. You live in a home in Bunker County. Your home has a market value of $155,000. Your rate of assessment is 40%. You pay total property taxes of 56.79 mills. Complete the form below to see how your property tax bill is distributed. (Do not show work) 4 5 4. The Perrys’ have insured their home 90% of its replacement value of $150,000. Their personal property coverage is 50% of the amount of their home coverage, personal liability coverage is 35% , and loss of use coverage is 15%. What is the amount of coverage for personal liability?
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Quiz 9.5-9.7 - Quiz 9.5-9.7 Money Management Name:_...

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