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Daily Journal- Property Tax

Daily Journal Property Tax December 1, 2009

Today we learned how to calculate property taxes.
You calculate property taxes by first finding:
a)The assessed Value of the property
b)The tax rate

{Note} Assessed value is not the same as market value. It is simply an artificial valuation set by a provincial tax assessor for taxation purposes.

Mill Rate is how much you pay for every $1000

Example Question

1) The Davies own a home assessed at $80 000. The rate of assessment is 45%. The mill rate is 60 mills and there was a local improvement tax of$210.00 for a sidewalk reconstruction. What was their total tax bill?

$80 000 X .45 = $36 000

You times 80 000 by 45 percent to find the total portion assessment.

$36 000 X 60/ 10000 = $2160

Then you times the total portion assessment by the mill rate but remember the mill rate is for every $1000 so divide by 1000 after multiplying by 60.

$2160 + 210 = $2370

There was also a local improvement tax of$210.00 for a sidewalk so you must add it to your property tax.

$2370 is how much you will have to pay for your property tax.

Monday, November 30th

posted by Justyna

Topic: Comparing Prices Using Unit Prices

Today, we looked at page 237 in your text book, and looked over example two.

We were assigned page 239 numbers one and two

Tip: When calculating price per unit, it is ALWAYS ---> cost over quantity

Example: Milk was being sold at these sizes --> $3.98 for 4L Milk; $2.69 for 2L Milk; $1.65 for

1L Milk

Question: Which would be the best deal?

Solution: Remember, cost over quantity! First deal: 3.98/4 = .995 per litre

Second deal: 2.69/2 = 1.345 per litre

Third Deal: 1.65/1 = 1.65 per litre

* / means to divide *

This shows that the first deal of $3.98 for 4L would be the best because it is the cheapest per litre of milk.

November 26th

Today we learned about foreign exchange rates. We were assigned page 240, questions 7,8,9,10,11. The assignment was due for homework next class.

Example 1 1 Kroner= $ 0.19 Can

6000 Kroner = 6000 x Can $0.19

6000 Kroner = Can $1140

tuesday novemeber 24

today we worked on taxable income so you can figure out how to get your total income for your pay check. And our home work for the day was on pg. 233 questions 1,2,3,8,9,10