Math (Tax)

Question 1

Mr. Johnston’s house in Burnville, BC has been assessed at $110,000 for property tax purposes. The following tax rates have been set by the municipality and other taxing authorities:

General Tax Rate 5.13
School Tax Rate 4.24
Hospital District Tax Rate 0.137

What will be Mr. Johnston’s gross taxes payable on this property?

(1) $1,045.77
(2) $564.30
(3) $950.70
(4) Not enough information is given to determine the gross taxes payable

Answer 1

1

110,000/1000
=110

5. 13+4.24+.137=9.507000
6. 507000X110 = 1,045.77

Question 2

The total assessed value of all properties in the municipality of Grand River, BC is $2,900,765,800. The municipality needs to raise $13,623,500 through its general tax on real properties to finance its anticipated expenditures this year. All classes of property will be taxed at the same rate. Other taxing authorities have set the following tax rates for taxes to be collected by the municipality of Grand River:

School 6.1340
Hospital 0.3728
Regional District 0.0912

Hans Sum purchased his first home in Grand River last year; its assessed value is $123,729. Presuming that no taxes other than the above-mentioned taxes are collected, what will be Hans’ gross taxes payable on this property?

(1) $1,397.46
(2) $816.36
(3) $1,523.72
(4) $581.10

Answer 2

1

6.1340 + .3728 + .0912 = 6.598000

(123729/1000)123.729000X 6.598000=816.36

13623500/2900765800=.004697

.004697X123729=581.095527

581.095527 + 816.363942=1,397.459469