Ian will pay a yearly property tax of $10,890.
⇒$255,000 x 0.55 x 0.088 = $10,890
What is Property Tax?
An ad valorem tax on the value of a property is known as a property tax or millage rate. The governing body of the region where the property is located is responsible for collecting the tax. A town, a county, a federated state, or the federal government are all examples of this.
How is property tax calculated?
To estimate your annual property tax:
Multiply the taxable value of your property by the current tax rate for your property's tax class.
Property tax rates change each year, as well as the value of exemptions and abatements. The actual taxes you pay in July might be different.
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