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!