A residential home in Overland Park, Kansas has an appraised value of $320,000. The local mill levy is 120 mills. Using Kansas's residential assessment ratio of 11.5%, what is the annual property tax owed on this home?
Correct Answer
B) $4,416
Step 1 — Calculate assessed value: $320,000 × 11.5% = $36,800. Step 2 — Convert mill levy to decimal: 120 mills ÷ 1,000 = 0.120. Step 3 — Calculate annual tax: $36,800 × 0.120 = $4,416. Kansas residential property is assessed at 11.5% of appraised value per K.S.A. 79-1439, and the mill levy is applied per $1,000 of assessed value.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Reconciliation is the final step in the appraisal process where the appraiser analyzes the value indications from all applicable approaches and arrives at a single final opinion of value. It is not a simple average of the three values.
The comparable sales approach estimates a property's value by comparing it to similar properties that have recently sold in the same market area. It is the most widely used and reliable approach for appraising residential properties.
The cost approach estimates a property's value by calculating the current cost to rebuild the improvements, subtracting accumulated depreciation, and adding the land value. It is most reliable for new construction and special-purpose properties.
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- → The income approach to appraisal is most commonly used for which type of property?
- → Which formula correctly calculates the capitalization rate?
- → External obsolescence in Oklahoma:
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- → Which of the following correctly lists the three types of depreciation recognized in real estate appraisal?
- → The sales comparison approach to appraisal is most commonly used for which type of property?
- → Which four tests must a use satisfy to qualify as the highest and best use of a property?
- → Three depreciation:
- → Cap rate:
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