What is the total real estate tax for a property valued at $125,000 under the following levies: 21.94 mills for the school district, 5.66 mills for the city, and 5.66 mills for the county?

To calculate the total real estate tax for the property valued at $125,000, we first need to understand how mill rates work. A mill rate is a tax rate expressed in mills per dollar of assessed value. One mill is equal to $1 for every $1,000 of assessed value.

In this scenario, we have three different levies:

1. 21.94 mills for the school district

2. 5.66 mills for the city

3. 5.66 mills for the county

First, we sum the mill rates:

• Total mills = 21.94 (school district) + 5.66 (city) + 5.66 (county) = 33.26 mills.

Now, we convert the total mills into a dollar amount based on the property's assessed value:

• Total tax = (Total mills / 1,000) * Property value.

• Total tax = (33.26 / 1,000) * $125,000.

Calculating this gives:

• Total tax = 0.03326 * $125,000 = $4,157.50.

Thus, the total real estate tax for the property is $4,157.50. This amount