In the city of Winnipeg, the total property tax is calculated on two separate property taxes: a. the municipality of the City of Winnipeg and b. the School Board of the city. Both separate taxes are calculated on the "Mill Rate" basis. The mill rate for the municipality is 14.6, and the mill rate for the school board is 16.7. A resident who owns a house in the city with a market value of $200,000, and who knows that the tax policy of the city is 45% of the market value, has to pay the property tax for his house, which is the total both the municipality and the school board. How much this property tax should be in dollars?

In the city of Winnipeg, the total property tax is calculated on two separate property taxes: a. the municipality of the City of Winnipeg and b. the School Board of the city. Both separate taxes are calculated on the "Mill Rate" basis. The mill rate for the municipality is 14.6, and the mill rate for the school board is 16.7. A resident who owns a house in the city with a market value of $200,000, and who knows that the tax policy of the city is 45% of the market value, has to pay the property tax for his house, which is the total both the municipality and the school board. How much this property tax should be in dollars?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter1: Federal Income Taxation—an Overview

Section: Chapter Questions

Problem 45P

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