If a property is appraised at $150,000 and assessed at 35% value, what would be the annual tax bill if the mills total is 80?

To determine the annual tax bill, we start with the appraised value of the property, which is $150,000. Since the property is assessed at a value of 35%, we first need to calculate the assessed value.

The assessed value is obtained by multiplying the appraised value by the assessment percentage:

Assessed Value = Appraised Value × Assessment Percentage

Assessed Value = $150,000 × 0.35

Assessed Value = $52,500.

Next, we convert the assessed value into mills. Mills are a way of expressing the property tax rate where one mill equals one-tenth of a cent, or $1 of tax for every $1,000 of assessed value. To find the annual tax bill, we take the assessed value and multiply it by the mill rate, expressed in terms of $1,000.

The total mills given is 80. This means for every $1,000 of assessed value, the property tax is $80. To calculate the tax bill, we perform the following steps:

1. Convert the assessed value into a unit of $1,000:

$52,500 ÷ $1,000 = 52.5.

2. Multiply the result by the mill