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GENERAL TAXES. 150. A Tax is a sum of money assessed on persons or property for public purposes.
451. Taxes are assessed by the national government, a state, county, or town.
452. A Property Tax is a tax upon property. Property is of two kinds; Real Estate and Personal Property.
453. Real Estate is immovable property; as land, buildings, etc. Personal Property is movable property; as money, stock, furniture, etc.
454. A Poll Tax is a tax on the person. It is assessed in some states on each male citizen not exempt by law.
455. An Assessment Roll is a list or schedule containing the names of persons taxed, the valuation of their property, and the amount of their taxes.
456. An Assessor is an officer who appraises the pro perty and prepares the assessment roll.
457. The Quantities to be considered are: 1. The Taxable Property; 2. The Rate of Taxation; 3. The Amount of Tax.
Real estate is often assessed by the proper officer for not more than ors of its real value. The value of personal property may be given in by the owner under oath, or if he neglects to do this, it is valued by the officer.
The term poll is from the German polle, the head. A poll tax is a capitation tax, from the Latin caput, the head. In some States the income from a person's occupation is assessed at a small sum and taxed. Moner on interest secured by bond and mortgage is taxed in some States.
After the taxes have been assessed, each person receives a notice of his taxation, stating the day of appeal, when he may appear before the proper officers and show reasons for correcting any mistakes that have been made.
NOTE.-Government Taxes are taxes levied by the government, includ. ing Internal Revenue and Duties. They will be considered under the bead Duties and Customs.
CASE I. 458. Given, the taxable property and the rate of taxation, to find the amount of tax.
1. The taxable property of a town is $794800, and the rate of taxation $.009 on a dollar ; what is the tax? SOLUTION.-If the tax is $.009 on
OPERATION. $1, on $794800 it will be 794800 times
$794800 X .009=$7153.20 $.009, or $7153.20.
Rule.- Multiply the amount of taxable property by the rate, to find the tax.
NOTE.-If there is a poll tax the sum produced by it should be added to the property tax to give the whole tax.
WRITTEN EXERCISES. 2. The real estate of a town is valued at $640876, and the personal estate at $750472; there are also 250 polls, at $1.50 each; what is the whole tax, the rate being 7 mills on a dollar ?
Ans. $10111.436. 459. Table.-In the assessment of taxes in a town, city, etc., a table is usually constructed by which the labor of calculation is greatly facilitated. The following table, based on the rate of $.015 to the dollar, is used in problems 3,4, 5, 6, 7,
Prop. Tax. Prop. Tax. Prop. Tax. Prop. Tax.
8. Find by the table A's tax, whose property is $7580, and who pays a poll tax of $1.50.
OPERATION. SOLUTION.–We find from the table the Tax on $7000-$105 tax on $7000 is $105; on $500 is $7.50; on
500- 7.50 $80 is $1.20; under these write $1.50, the
80% 1.20 poll tax; the sum will be the entire tax.
1.60 Whole tax-$115.20
4. Find B’s tax, whose property is $9750, and who pays a poll tax of $1.00.
Ans. $147.25. 5. A is worth $7895, and his sister $5634; what is the aggregate amount of their taxes ?
Ans. $202.935. 6. Mr. Mark's property is assessed at $8500; he pays for 1 poll and .13% on the income from his occupation, assessed at $800; what was his entire tax?
Ans. $130.20. 7. Mr. Sidney's real estate is valued at $75000 and his personal property at $8670, both of which are assessed for 3 of their value; he pays a poll tax of $1.00, and also 1% on an estimated income of $1200 ; what is his entire tax ?
To be omitted unless otherwise directed. 8. Mr. Shank's property was assessed at $3500 last year, and he paid.25 % village tax, 1.025% county tax, .45% school tax, and $1.25 poll tax; what amount of taxes did he pay? Ans. $61.621.
9. I find I have been assessed as follows: Real estate $50,000; personal property, $3600; money at interest, £15,000; income from occupation, $1500; and 3 gold watches. I obtain an abatement of
on the real estate, on the personal property, $5000 on money at interest, $ for occupation, and 1 gold watch; how much does this lessen my tax, the rate being $.004), and one dollar for each watch?
460. Given, the rate of taxation and the tax or the amount left after payment of tax, to find the amount assessed.
1. What is the assessed value of property taxed $37.50, at the rate of 5 mills on a dollar ?
SOLUTION.–At 5 mills on the dollar, .005 OPERATION. times the amount assessed equals the tax, which
$37.50 is $37.50; hence the amount equals $37.50 divided
=$7500 by .005, which we find is $7500.
.005 Rule I-Divide the tax by the rate, to find the amount assessed.
Rule II.—Divide the amount left after payment of tax by 1 minus the rate.
WRITTEN EXERCISES. 2. My tax is $37.80 at the rate of 45 mills on the dollar; re. quired the property.
Ans. $8400. 3. A's entire tax is $305.50; he pays a poll tax of $1.50 ; the rate is 8 mills on the dollar; what is the valuation of his property?
Ans. $38000. 4. I have $12000 on interest, and my tax for money on interest is $33.07, at 27 mills on the dollar; for how much money at interest am I overtaxed ?
Ans. $2700. 5. A bridge was built by a certain town at a cost of $7580, which was raised by a tax on the property-holders of 3} mills on
uollar; the collector's commission was 22 %; what was the valuation of the property ?
Ans. $2215564.49. NOTE.-The collector's commission is included in the tax.
6. Mr. Mills paid one year .45% township tax, .35% county tax, 48% school tax, and $1.00 poll tax; his whole tax was $315.88; what was the value of his property?
461. Given, the assessed value and the tax, to find the rate.
1. A tax of $6387.50 is to be assessed in a town; the real estate is valued at $345000, and the personal property at $477500; there are 420 polls, taxed @ $1.50; what is the rate of taxation ?
SOLUTION.-The entire poll tax is $1.50 multiplied by 420, which is $630;
$1.50 x 420=$630 subtracting this from the whole tax, we
$6387.50–$630=$5757.50 have remaining $5757.50, the property $5757.50: $822500=2007 tax; dividing $5757.50 by $822500, the amount of property, we have 7 mills, the tax on $1.
Rule.-Divide the property tax by the amount of taxable property, the quotient will be the rate of taxation.
NOTE.-If there is a poll tax, subtract it from the whole tax beforn dividing.
WRITTEN EXERCISES. 2. A's property is valued at $7580, his tax is $35: reqaired the rate of taxation.
3. A tax of $17250 is to be assessed on a town; the real estate is valued at $850000 and the personal property at $250000; there are 500 polls, each of which is taxed $1.50; what is the rate of taxation ?
dns. $.015. 4. İn a certain school the expenses are as follows: salary of teacher, $500; fuel, $42.75; apparatus, $32.50. Tbe school fund amounted to $125.25, and the rest of the expenses was paid by a rate bill; if the entire attendance was 7280 days, what was C's bill, who sent 4 pupils 90 days each?
1. How much currency will $50 in gold buy, when gold is at a premium of 8%?
2. How much gold can be bought for $220 in currency, when gold is at a premium of 10%?
3. If I take 10% off and then another 10% off, what is the rate off ?
4. What is the actual rate off, when I take 20% off and then another 20% off ?
5. What is the difference between 10% off and 5 and 5% off? be. tween 15% off and 10 and 5% off?
6. What is the difference between 20% off and two 10%'s off! between 10% on and 5 and 5% on?
7. How much is 10 and 10% off ? 20 and 10% off ? 20 and 5% off? 20 and 20% off ? 20 and 20% on?
8. If an article is sold so as to gain on the cost, what is the gain per cunt.?
9. I paid an agent $200 for selling a house for me; what did I re ceive for it, the rate of commission being 14%?
10. What cost 5 shares of bank stock at 102, brokerage } %? 11. Required the cost of $4000 U. S. 47's, at 1084, brokerage %.
12. A boy bought oranges at $3 a hundred, and sold them for 5 cents apiece ; what per cent. did he gain ?
13. A milliner sold some old-fashioned hats at $3.60, which was 25% below marked price; at what price were they marked ?
14. A lady bought some canal stock at 80, and sold it at par, gaining $500; how many shares at $50 each ?
15. What per cent. does stock, paying 6% dividends, yield when bought at 90 ? 8 % stocks at 120 ?