### Good Old Budgeting

Mr. Max taught us some new stuff today and went over a bunch of formulas and notes to help us along this week in our homework. Here are the notes:

**Property Taxation**

>land

>buildings

-to whom is it paid?=>Municipal(town of____?, R.M. of____?.)

**Formulas:**

-tax owing(LEVY)=portioned assessed value of property x mill rate /1000

Ex. Calculate the annual tax bill for the Munster family, knowing that their property is assessed at $68,000, and local mill rate is 22.319 mills.

=assessed value x mill rate/1000

=68000 x 22.319/1000

=$1517.69

***range of values $100 <= x <=5000

**Home InsurancePremium**

-dollar amount owing to an insurance company every time period (year?) to maintain insurance coverage. (house & belongings)

**“PRO”RATED**-pay more for more insuranceEx. $0.68 per $100 of insurance for the Keenan’s, with a home value of $109,000. How much do they pay(pay per year?).

109,000/100 x 0.68=$741.20

***range of values x <=$2000

Also don't forget to work on the homework and don't leave it last minute! Then again....it is going to be a SNOW DAY TOMORROW!