Assessed Value

Assessed Value

Period 2- Math Finance

Poll

Assessed value is the same as market value.

• True

• False

based on a percentage of the appraised value which is used to determine how much property taxes you will owe on your home.

Assessed Value

how much your home is worth currently on the market

Market Value

Assessed Value vs. Market Value

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The assessed value of Joseph’s house is $9,000. The annual property tax rate is 97.22% of assessed value. What is the annual property tax?

Kevin and Cathy Mackin have a mortgage with National Trust Bank. The bank requires that the Mackins pay their homeowner’s insurance, property taxes, and mortgage in one monthly payment to the bank. Their monthly mortgage payment is $1,233.56, their semi-annual property tax bill is $5,206, and their annual homeowner’s insurance bill is $1,080. How much is the monthly payment they make to National Trust?

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How much is the monthly payment they make to National Trust?

TRY THIS!

Show your work on paper.

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1)     The assessed value of the Weber family’s house is $186,000. The annual property tax rate is 2.15% of assessed value. What is the property tax on the Weber’s home?

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Allison has a mortgage with North End Bank. The bank requires that she pay her homeowner’s insurance, property taxes, and mortgage in one monthly payment. Her monthly mortgage payment is $1,390, her semi-annual property tax bill is $3,222, and her quarterly homeowner’s bill is $282. How much does Allison pay North End Bank each month?