maturity, and a charge of $1.50 for protesting. If he paid $604.50, what was the face of the note? TAXES 380. The support of a town, village, city, county, state, or national government requires a large sum of money. This money is used for many purposes, such as carrying on the schools, keeping roads and streets in good condition, paying the salaries of public officers, constructing bridges and public buildings, and taking care of the poor and unfortunate who are unable to care for themselves. This money is used for the benefit of all the people and the protection of their lives and property. Hence all the people are required to contribute toward paying the expense, according to the value of their property. In some places each male citizen over twenty-one years of age is required to pay a certain sum toward the expenses of his town, regardless of the value of his property. Can you think of some expenses, other than those given above, that occur in your city, village, or town for which all the people must pay? Can you tell how the valuation of the property belonging to any person is determined? Name as many different kinds of property as you can. 381. A tax is a sum of money levied upon persons or property for public use. 382. A tax levied on persons is a poll tax. 383. A tax levied on property is a property tax. 384. Personal property is property that is movable, as money, notes, furniture, books, and tools. 385. Real property is immovable property, as houses and lands. 386. Assessors are officers chosen to make a list of the taxable property of a city, village, or town, estimate its value, and apportion the tax. 387. A tax budget is a list of all the items of expense in carrying on a state, county, city, or other government for a certain time, usually one year, or in carrying on a department of such government. From this is deducted the income (from licenses, fines, sale of privileges, etc.) and the poll tax, if any, to find the net amount of the budget. 388. An assessment roll is a list of all the taxable property in a town, village, or city, with the assessed value of each piece of property. 389. The tax rate is the decimal which shows what part of the assessed valuation is required for taxes. It is determined by dividing the net amount of the tax budget by the entire assessed valuation of all the property upon which the tax is levied. The rate is generally expressed in a decimal of four, five, or six places, showing the part of a dollar taken as the tax on one dollar. Sometimes this decimal is multiplied by 1000, the product showing the number of dollars taken as the tax on $1000. 390. The following examples illustrate the different forms in which the relation of tax rate, assessed valuation, and amount of taxes appears: 1. The money to be raised by tax in a certain town is $9000. The property of the town is valued at $600,000. What is the tax rate? Statement of Relation : of $600,000 = $9000. What terms of relation are given? How is the other found? 2. The tax rate of a certain county is .003 and the property is valued at $24,567,800. What is the amount of the tax budget? Statement of Relation: .003 of $24,567,800 term of relation found? How is the required 3. When it requires a tax rate of .0132 to raise $264,000 in taxes, what is the valuation of the property taxed? Statement of Relation: .0132 of term of relation be found? 391. Oral $264,000. How may the required 1. The tax budget of a township is $12,000. The assessed valuation of the property in the township is $1,200,000. a. What is the tax rate? b. Mr. A has property in this township assessed at $25,000. What is his tax? c. Mr. B pays $15 taxes. What is the valuation of his property? 2. A man's city taxes were $40 on property valued at $2000. What was the tax rate? 3. The school tax in a village having property to the amount of $3,000,000 was $9000. a. What was the school tax rate? b. What amount did a man pay whose property was assessed at $15,000? c. Mr. Jones's school tax was $12. What was the valuation of his property? 4. The tax rate of a certain county is .0025. The tax budget is $75,000. What is the value of the property? 5. A town has 352 citizens who pay a poll tax of $1 apiece. The entire tax budget of the town is $5252. a. How much money must be raised by tax on the property? b. The tax rate is .007. What is the valuation of the property? c. How much are the taxes of a man in this town, who owns property assessed at $4000, and who pays one poll tax? 6. The poll tax in a certain town is $1.50, and there are 400 citizens who pay poll tax. The property of the town is assessed at $1,000,000, and the rate is .01. raised by tax? What is the entire amount 7. A man's property is assessed at $4000. The city tax rate is .014, the county rate is .004, and the state rate, .002. The poll tax is $1.50. What is this man's entire tax? 8. If the rate for county and state taxes together is .005, what is my bill for state and county taxes on an assessment of $9000? 9. The assessed valuation of the property in a certain county is $70,000,000. The tax rate is 3 mills on a dollar. The county has an income from various sources amounting to $40,000. After collecting all the taxes and other income and paying all the expenses, $5000 remains. What are the expenses of the county? 10. What is the rate when $24 will pay the tax on property assessed at $1200? 11. What is the tax on $10,000 of property when the rate is .009345? 12. When the entire budget of a town is $35,000 and 500 men pay $1 apiece poll tax, how much must be assessed on the property? 13. When the tax on $1000 is $18.57, what is the rate per dollar of assessed valuation? 14. $30 will pay the tax on how many dollars' worth of property, when the tax rate is .015? |