Page 30 - Consumer Mathematics
P. 30
Tax Property assessment tax rate is set by local authority based on location and type of property. The
amount of tax payable each year depends on the tax rate charged on the annual value.
Annual value (or annual assessment) is a reasonable gross
estimation of annual rental that is expected to be obtained in
a year from a property, if it is rented out. Annual value = estimated
monthly rental × 12
months
