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Property Tax worksheet

Grade 7 · CCSS 7.RP.A.3

Solve each problem and show your work. Round answers to 2 decimal places where needed.

1.
Problem 1.
- Home's market or appraised value: $200,000
- Assessment ratio: 33.33%
- Exemptions (optional): $50,000
- Tax rate given as: Mills (per $1,000)
- Mill rate: 40 mills
Find: Annual property tax
Answer
2.
Problem 2.
- Home's market or appraised value: $350,000
- Assessment ratio: 11.5%
- Exemptions (optional): $25,000
- Tax rate given as: Percent
- Tax rate: 2%
Find: Annual property tax
Answer
3.
Problem 3.
- Home's market or appraised value: $300,000
- Assessment ratio: 100%
- Exemptions (optional): $25,000
- Tax rate given as: Percent
- Tax rate: 0.8%
Find: Annual property tax
Answer
4.
Problem 4.
- Home's market or appraised value: $300,000
- Assessment ratio: 100%
- Exemptions (optional): $25,000
- Tax rate given as: Percent
- Tax rate: 1.5%
Find: Annual property tax
Answer
5.
Problem 5.
- Home's market or appraised value: $250,000
- Assessment ratio: 100%
- Exemptions (optional): $25,000
- Tax rate given as: Percent
- Tax rate: 1.1%
Find: Annual property tax
Answer
6.
Problem 6.
- Home's market or appraised value: $250,000
- Assessment ratio: 80%
- Exemptions (optional): $25,000
- Tax rate given as: Mills (per $1,000)
- Mill rate: 25 mills
Find: Annual property tax
Answer
7.
Problem 7.
- Home's market or appraised value: $250,000
- Assessment ratio: 11.5%
- Exemptions (optional): $25,000
- Tax rate given as: Mills (per $1,000)
- Mill rate: 30 mills
Find: Annual property tax
Answer
8.
Problem 8.
- Home's market or appraised value: $250,000
- Assessment ratio: 11.5%
- Exemptions (optional): $0
- Tax rate given as: Mills (per $1,000)
- Mill rate: 15 mills
Find: Annual property tax
Answer
9.
Problem 9.
- Home's market or appraised value: $250,000
- Assessment ratio: 100%
- Exemptions (optional): $50,000
- Tax rate given as: Percent
- Tax rate: 1.1%
Find: Annual property tax
Answer
10.
Problem 10.
- Home's market or appraised value: $250,000
- Assessment ratio: 100%
- Exemptions (optional): $25,000
- Tax rate given as: Percent
- Tax rate: 2%
Find: Annual property tax
Answer

Answer key: Property Tax worksheet

1. Annual property tax: $666.40
1. Find the assessed value, the part of the home's value your area taxes
  $$200,000.00 \times \frac{33.33}{100}$ $= $66,660.00$
2. Take off your exemptions to get the taxable value
  $$66,660.00 - $50,000.00$ $= $16,660.00$
3. Apply the mill rate: each mill is $1 of tax per $1,000 of taxable value
  $$16,660.00 \times \frac{40}{1,000}$ $= $666.40$
4. Divide by 12 months to see what to set aside each month
  $\frac{$666.40}{12}$ $= $55.53$
5. Compare the tax with the full market value to get the effective rate
  $\frac{$666.40}{$200,000.00} \times 100$ $= 0.3332%$
2. Annual property tax: $305.00
1. Find the assessed value, the part of the home's value your area taxes
  $$350,000.00 \times \frac{11.5}{100}$ $= $40,250.00$
2. Take off your exemptions to get the taxable value
  $$40,250.00 - $25,000.00$ $= $15,250.00$
3. Apply the tax rate to the taxable value to get the yearly tax
  $$15,250.00 \times \frac{2}{100}$ $= $305.00$
4. Divide by 12 months to see what to set aside each month
  $\frac{$305.00}{12}$ $= $25.42$
5. Compare the tax with the full market value to get the effective rate
  $\frac{$305.00}{$350,000.00} \times 100$ $= 0.0871%$
3. Annual property tax: $2,200.00
1. Find the assessed value, the part of the home's value your area taxes
  $$300,000.00 \times \frac{100}{100}$ $= $300,000.00$
2. Take off your exemptions to get the taxable value
  $$300,000.00 - $25,000.00$ $= $275,000.00$
3. Apply the tax rate to the taxable value to get the yearly tax
  $$275,000.00 \times \frac{0.8}{100}$ $= $2,200.00$
4. Divide by 12 months to see what to set aside each month
  $\frac{$2,200.00}{12}$ $= $183.33$
5. Compare the tax with the full market value to get the effective rate
  $\frac{$2,200.00}{$300,000.00} \times 100$ $= 0.7333%$
4. Annual property tax: $4,125.00
1. Find the assessed value, the part of the home's value your area taxes
  $$300,000.00 \times \frac{100}{100}$ $= $300,000.00$
2. Take off your exemptions to get the taxable value
  $$300,000.00 - $25,000.00$ $= $275,000.00$
3. Apply the tax rate to the taxable value to get the yearly tax
  $$275,000.00 \times \frac{1.5}{100}$ $= $4,125.00$
4. Divide by 12 months to see what to set aside each month
  $\frac{$4,125.00}{12}$ $= $343.75$
5. Compare the tax with the full market value to get the effective rate
  $\frac{$4,125.00}{$300,000.00} \times 100$ $= 1.375%$
5. Annual property tax: $2,475.00
1. Find the assessed value, the part of the home's value your area taxes
  $$250,000.00 \times \frac{100}{100}$ $= $250,000.00$
2. Take off your exemptions to get the taxable value
  $$250,000.00 - $25,000.00$ $= $225,000.00$
3. Apply the tax rate to the taxable value to get the yearly tax
  $$225,000.00 \times \frac{1.1}{100}$ $= $2,475.00$
4. Divide by 12 months to see what to set aside each month
  $\frac{$2,475.00}{12}$ $= $206.25$
5. Compare the tax with the full market value to get the effective rate
  $\frac{$2,475.00}{$250,000.00} \times 100$ $= 0.99%$
6. Annual property tax: $4,375.00
1. Find the assessed value, the part of the home's value your area taxes
  $$250,000.00 \times \frac{80}{100}$ $= $200,000.00$
2. Take off your exemptions to get the taxable value
  $$200,000.00 - $25,000.00$ $= $175,000.00$
3. Apply the mill rate: each mill is $1 of tax per $1,000 of taxable value
  $$175,000.00 \times \frac{25}{1,000}$ $= $4,375.00$
4. Divide by 12 months to see what to set aside each month
  $\frac{$4,375.00}{12}$ $= $364.58$
5. Compare the tax with the full market value to get the effective rate
  $\frac{$4,375.00}{$250,000.00} \times 100$ $= 1.75%$
7. Annual property tax: $112.50
1. Find the assessed value, the part of the home's value your area taxes
  $$250,000.00 \times \frac{11.5}{100}$ $= $28,750.00$
2. Take off your exemptions to get the taxable value
  $$28,750.00 - $25,000.00$ $= $3,750.00$
3. Apply the mill rate: each mill is $1 of tax per $1,000 of taxable value
  $$3,750.00 \times \frac{30}{1,000}$ $= $112.50$
4. Divide by 12 months to see what to set aside each month
  $\frac{$112.50}{12}$ $= $9.38$
5. Compare the tax with the full market value to get the effective rate
  $\frac{$112.50}{$250,000.00} \times 100$ $= 0.045%$
8. Annual property tax: $431.25
1. Find the assessed value, the part of the home's value your area taxes
  $$250,000.00 \times \frac{11.5}{100}$ $= $28,750.00$
2. Apply the mill rate: each mill is $1 of tax per $1,000 of taxable value
  $$28,750.00 \times \frac{15}{1,000}$ $= $431.25$
3. Divide by 12 months to see what to set aside each month
  $\frac{$431.25}{12}$ $= $35.94$
4. Compare the tax with the full market value to get the effective rate
  $\frac{$431.25}{$250,000.00} \times 100$ $= 0.1725%$
9. Annual property tax: $2,200.00
1. Find the assessed value, the part of the home's value your area taxes
  $$250,000.00 \times \frac{100}{100}$ $= $250,000.00$
2. Take off your exemptions to get the taxable value
  $$250,000.00 - $50,000.00$ $= $200,000.00$
3. Apply the tax rate to the taxable value to get the yearly tax
  $$200,000.00 \times \frac{1.1}{100}$ $= $2,200.00$
4. Divide by 12 months to see what to set aside each month
  $\frac{$2,200.00}{12}$ $= $183.33$
5. Compare the tax with the full market value to get the effective rate
  $\frac{$2,200.00}{$250,000.00} \times 100$ $= 0.88%$
10. Annual property tax: $4,500.00
1. Find the assessed value, the part of the home's value your area taxes
  $$250,000.00 \times \frac{100}{100}$ $= $250,000.00$
2. Take off your exemptions to get the taxable value
  $$250,000.00 - $25,000.00$ $= $225,000.00$
3. Apply the tax rate to the taxable value to get the yearly tax
  $$225,000.00 \times \frac{2}{100}$ $= $4,500.00$
4. Divide by 12 months to see what to set aside each month
  $\frac{$4,500.00}{12}$ $= $375.00$
5. Compare the tax with the full market value to get the effective rate
  $\frac{$4,500.00}{$250,000.00} \times 100$ $= 1.8%$