Lesson3_Government

Usually based as a of assessed house value 1 mill 1 of

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Unformatted text preview: Roads, Transportation, Hospitals, etc. Usually Based as a % of “Assessed” House Value 1 mill = .1% of House Value ($1 per $1,000 Assesed) Special assessments: Taxes for specific public improvements affecting a property Street, sewer, etc. Usually charged on a per front foot basis Variety of Exemptions Exist Most Common is a Homestead Exemption for Owners DETERMING TAXABLE VALUE 20 Market Value Very Difficult to Assess Discuss the Issue After 1st Exam Homestead Property Exemptions Owner Occupants can Subtract Fixed Amount Usually Targeted Towards the Elderly Typically Hurts Renters as Landlords Still Pay Tax What is the Property Tax for a $150,000 House? 30 mils...
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This document was uploaded on 03/13/2014 for the course FIN 3332 at Texas Tech.

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