Consider the following The city of College Station, TX has a median home price of around $335,000 in December 2022. Market value is not necessarily the same as its assessed valuation for purposes of taxation (in fact they can be quite different), but for the purposes of this activity, the Brazos County Appraiser (an officer of the county government) has also assessed the value of the property and found it to be the same. Note: The appraiser may overvalue one's property. Higher property values = Higher tax base = higher property tax revenues for local governments = higher property tax bill for you! Many Texans appeal their assessment! This property is taxed at the following rates (from the Brazos Central Appraisal District)Links to an external site. levied by various local governments. (These rates are not represented as traditional mill rates, but are represented as dollars per $100 of assessed valuation.) Brazos County: $0.429411 City of College Station: $0.524613 College Station ISD: $1.178100 The homeowner applies for a "Residence Homestead" exemption under the Texas Tax Code Section 11.13(b). This means that the first $40,000 of the value of the property will not be taxed by the school district. (It will still be taxed by both the city and the county). Answer the following questions using the lecture and using the numbers provided in the scenario above. They may require some basic arithmetic. You may use a calculator. If the Brazos County tax rates were represented as traditional mill rates, the rate would be the tax applied to each _______ dollars worth of assessed valuation subject to taxation. However, the rates given show the tax applied to each _______ dollars worth of assessed valuation subject to taxation. For property taxes paid to the county and the city, what is your tax base? Divide the full assessed valuation of the property (which should have been your answer to Question 2!) by 100, then multiply by the Brazos County rate. This is the amount or property tax you pay to the county. Write your answer. Divide the full assessed valuation of the property by 100, then multiply by the City of College Station rate. This is the amount or property tax you pay to the city. Write your answer. For property tax paid to the school district, what is your tax base? (Don't forget your exemption!) Deduct the amount of the homestead exemption from the value of the property. Then, divide the assessed valuation subject to taxation by 100. Finally, multiply by the College Station ISD rate. This is the amount or property tax you pay to the school district. Write your answer. Add together your answers to Questions 3, 4, and 6. This is the annual amount you would pay in property tax. Write your answer. Divide your answer to Question 7 by 12. This is how much property tax will add to the monthly cost of owning this property. Write your answer. Rent is paid to a landlord, taxes are paid to government, and Abbott's statement in his "State of the State" speech was therefore rhetorical. That said, do you agree with the governor that "property taxes reduce Texans to renters in their own homes"?

Consider the following The city of College Station, TX has a median home price of around $335,000 in December 2022. Market value is not necessarily the same as its assessed valuation for purposes of taxation (in fact they can be quite different), but for the purposes of this activity, the Brazos County Appraiser (an officer of the county government) has also assessed the value of the property and found it to be the same. Note: The appraiser may overvalue one's property. Higher property values = Higher tax base = higher property tax revenues for local governments = higher property tax bill for you! Many Texans appeal their assessment! This property is taxed at the following rates (from the Brazos Central Appraisal District)Links to an external site. levied by various local governments. (These rates are not represented as traditional mill rates, but are represented as dollars per $100 of assessed valuation.) Brazos County: $0.429411 City of College Station: $0.524613 College Station ISD: $1.178100 The homeowner applies for a "Residence Homestead" exemption under the Texas Tax Code Section 11.13(b). This means that the first $40,000 of the value of the property will not be taxed by the school district. (It will still be taxed by both the city and the county). Answer the following questions using the lecture and using the numbers provided in the scenario above. They may require some basic arithmetic. You may use a calculator. If the Brazos County tax rates were represented as traditional mill rates, the rate would be the tax applied to each _ dollars worth of assessed valuation subject to taxation. However, the rates given show the tax applied to each _ dollars worth of assessed valuation subject to taxation. For property taxes paid to the county and the city, what is your tax base? Divide the full assessed valuation of the property (which should have been your answer to Question 2!) by 100, then multiply by the Brazos County rate. This is the amount or property tax you pay to the county. Write your answer. Divide the full assessed valuation of the property by 100, then multiply by the City of College Station rate. This is the amount or property tax you pay to the city. Write your answer. For property tax paid to the school district, what is your tax base? (Don't forget your exemption!) Deduct the amount of the homestead exemption from the value of the property. Then, divide the assessed valuation subject to taxation by 100. Finally, multiply by the College Station ISD rate. This is the amount or property tax you pay to the school district. Write your answer. Add together your answers to Questions 3, 4, and 6. This is the annual amount you would pay in property tax. Write your answer. Divide your answer to Question 7 by 12. This is how much property tax will add to the monthly cost of owning this property. Write your answer. Rent is paid to a landlord, taxes are paid to government, and Abbott's statement in his "State of the State" speech was therefore rhetorical. That said, do you agree with the governor that "property taxes reduce Texans to renters in their own homes"?

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter3: Demand Analysis

Section: Chapter Questions

Problem 11E: Federal excise taxes on gasoline vary widely across the developed world. The United States has the...

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Answer the following questions using the lecture and using the numbers provided in the scenario above. They may require some basic arithmetic. You may use a calculator.

If the Brazos County tax rates were represented as traditional mill rates, the rate would be the tax applied to each _______ dollars worth of assessed valuation subject to taxation. However, the rates given show the tax applied to each _______ dollars worth of assessed valuation subject to taxation.
For property taxes paid to the county and the city, what is your tax base?
Divide the full assessed valuation of the property (which should have been your answer to Question 2!) by 100, then multiply by the Brazos County rate. This is the amount or property tax you pay to the county. Write your answer.
Divide the full assessed valuation of the property by 100, then multiply by the City of College Station rate. This is the amount or property tax you pay to the city. Write your answer.
For property tax paid to the school district, what is your tax base? (Don't forget your exemption!)
Deduct the amount of the homestead exemption from the value of the property. Then, divide the assessed valuation subject to taxation by 100. Finally, multiply by the College Station ISD rate. This is the amount or property tax you pay to the school district. Write your answer.
Add together your answers to Questions 3, 4, and 6. This is the annual amount you would pay in property tax. Write your answer.
Divide your answer to Question 7 by 12. This is how much property tax will add to the monthly cost of owning this property. Write your answer.
Rent is paid to a landlord, taxes are paid to government, and Abbott's statement in his "State of the State" speech was therefore rhetorical. That said, do you agree with the governor that "property taxes reduce Texans to renters in their own homes"?

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