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Problem

The owner of a house on Hall Street in Downers Grove, Illinois, received a $3,095.41 tax bill based on a $170,600 home. The village assessment rate is 31% of the market value, and the tax rate is .0585. The owner wants to estimate what his taxes will be for the next year. The assessor told him that market values are expected to increase by 2% next year and the tax rate will remain about the same. The owner also plans to install a $10,300 swimming pool.

What would be the assessed value of the house in the New Year?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92772067

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