$11,700.00 is are the annual taxes.
What is the meaning of annual tax?
Annual Tax means the amount of real property tax that is imposed on a property for a fiscal year, determined after reduction for any amount from which the property is exempt, or which is abated, pursuant to applicable law.
First divide $487,500 by 2 to find its assessed value and divide again by 100 to find the number of "per $100 of valuation" tax units.
In this case, that's 2437.5 units.
To calculate the tax, multiply the number of units (2437.5) times .
the $4.80 rate for a total tax of $11,700.
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