Newsome nuttiness - YOU CANNOT MOVE TO TEXAS OR FLORIDA ? UMM WHAT?
(media.greatawakening.win)
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I think you left something out of your equations....
Assume you have a house with an APPRAISED VALUE of $100,000. The ASSESSED VALUE is $25,000 (25% of $100,000), and the TAX RATE has been set by your county commission at $3.20 per hundred of assessed value. To figure the tax simply multiply the ASSESSED VALUE ($25,000) by the TAX RATE (3.20 per hundred dollars assessed). $25,000/100 = 250 x $3.20 = $800.00 or ($25,000 x .03200 = $800.00) for a tax bill of $800.00
Hmm why would the assessed value be 25% of the true value?
Either way in your own example if op claims his buddy only pays $800 yearly then best case scenario his home is only with $100k? Doubt it. Flawed logic all around.