Real Estate

Bill owns a home that he purchased for $1 million. The town that Bill lives in assesses the properties in their town at 65% of their value. The millage rate for the town is $15 per 1000. How much does Bill owe annually for real estate taxes?

Bill's home is assessed at 65% of its value (1,000,000 x 65% = $650,000). As the millage rate is $15 for every thousand, you would then divide that amount by $1000 and multiply by $15 ($650,000 / 1,000 = 650 x $15 = $9,750). The annual tax bill is $9,750.

Howard wants to sell his mother's home after she has passed away. Because she died intestate, what will likely happen with the house?

The house will have to pass through probate and an administrator will need to be assigned