Exam 19: Sales, Excise, and Property Taxes

French County needs $915,000 from property tax to meet its budget. The total value of assessed property in French is $140,000,000. What is the tax rate of French? Round to the nearest ten thousandth. Express that rate in mills. 6.5 mills

All charitable organizations pay a sales tax.

The tax rate of $.6943 in decimal can be expressed per $100 as:

The tax rate of $.0984 in decimal can be expressed as how many mills?

The tax rate per dollar in a town can be calculated by dividing the total assessed value into:

Total sales including sales tax divided by (100% + sales tax) equals actual sales.

Sales tax is required in all states.

Jack Matthew bought a new diamond ring for $20,000. Sales tax is 5% with a 10% excise tax. The total price including taxes that Jack paid is:

In the portion formula, total assessed valuation in the calculation of property tax due is the portion.

Bill Jones bought a fishing rod that sells for $70 subject to a 6% sales tax and an excise tax of 10%. The total amount Bill paid for the rod is:

Sales tax is taken on:

A tax rate of $.0711 in decimal expressed per $1,000 of assessed valuation is equal to:

Bonnie Flow pays a property tax of $3,000. In her community, the tax rate is 58 mills. Can you calculate for Bonnie her assessed valuation? (Round to the nearest dollar.) 3000/.058 = $51,724

Calculate the tax rate in decimal form (six decimal places):

The tax rate per dollar is never rounded up.

The building of Jim's Hardware is assessed at $109,000. The tax rate is $86.95 per $1,000 of assessed valuation. The tax due is:

In the community of Chesterfield, the market value of an average home is $180,000. The assessment rate is 35%. What is the assessed value?

Calculate (A) actual sales and (B) sales tax liability. Total sales: $1,200.15 (includes a 5% tax.) A. $1,143; B. $57.15

The municipality of Waterloo needs $915,000 from property tax to meet its budget. The total value of assessed property in Waterloo is $14,000,000. What is the tax rate per dollar (round to nearest thousandths)?

Kris bought a new fur coat for $8,000. She must pay 5% sales tax and 7% excise tax. The furrier is shipping the coat, so Kris must also pay a $15.00 insurance charge. What is the total purchase price of the coat?