Wednesday, November 02, 2005

Taxing questions

According to a recent Lee State Bureau story, Missoula's property taxes are the highest among the state's seven major cities. When you add up all the mills levied by the city, county, school districts, the university system, the state, etc., Missoula's total comes to about 720.20 mills, about 9 mills more than last year.

Answer the following:
1. If the taxable value on a typical Missoula home is $2,756.89, how much will its owners pay in property taxes this year?

2. In 1992, Swibold paid $1,156.92 in property taxes. For 2005, he will pay $2,083.56. How much have his taxes increased in real percentage terms?

Send your answers as a comment to this blog entry. As always, any pertinent observations on this stuff would be welcome as well.

Hints
The answer to Question 2 requires two steps.

1. You know that a dollar buys less each year. That’s called inflation. It happens. So if you hope to be accurate comparing dollar amounts from different years, you have to adjust for inflation. There’s a formula for that, but I prefer using an online inflation calculator provided by America’s official inflation watcher, the U.S. Bureau of Labor Statistics. It will tell you what a dollar amount from a bygone year would be worth today. Once you find that, you can do a simple calculation to determine the percentage increase.

2. Here’s that formula for that: (New number – Old number) divided by Old number.

Example: A Missoulian will pay about 720 mills this year compared to 711 mills last year. Here’s how you would calculate the percentage increase using the “NOO!” formula:

(720-711) = 9
9 divided by 711 = .0126 or 1.26 percent

24 comments:

D. Robert Davis said...

1. $1985.51
2. 27%

Laurel said...

1. $1985.51
2. 27.1 percent

persond223 said...

question 1: $1,985.81

question 2: 27 percent

persond223 said...

oops, take 30 cents off that first answer

kilynch said...

1. $1985.51
2. 27.1%

So, my little sister called me about a week ago asking for help on her math homework...her 8th GRADE class was finding the real percentage change with inflation between Babe Ruth's salary and Alex Rodriguez's...I feel a little dumb right now

Swibold said...

Eighth grade? My eighth-grader is still doing stem and leaf charts. Those Billings kids always were a little ahead, right?

jacob said...

The property taxes for the first question come to $1,985.51.

What Swidog is experiencing in the second question is a 27.1 percent tax increase... fortunately he can console himself with the fact that he manages one HELL of a blog!

Swibold said...

I prefer to think of it as incredibly hip, edgy, cutting-edge even. I think I'll call it a Swiblog.

Brenna said...

1. Property taxes= $1,985.51

2. 27.1% increase

By the way, I think you should call it Swiblog, I even think that's a little more hip than newzhound! Although the "z" does make it pretty cool...

P. Kurt Bulger said...

1. 1985.51
2. 27.1%

the swiblog post made me laugh out loud, but what's even funnier is that within six minutes you checked the blog and posted on it twice...Chris Boese has really gotten to you, hasn't she?

P.S. check out my sweet new first-initial-middle-name thing, also coming to a kaimin byline near you. now that's hip.

And I'm a really good dancer too said...

After getting a C in pre-calc freshman year, I thought I would never have to do a math problem again. Thanks for shattering my dreams Swidog.

Anyway, my answers are:

1. $1985.51
2. 27 percent

Patrick Cross said...

1. $2,756.89 * .001 = 2.75689
2.75689 * 720.2 = $1985.51
Property taxes would equal $1985.51
2. $2,083.56 - $1,156.92 = $926.64
$926.64 / $1,156.92 = .80
Change in taxes would be 180%

I was wondering how we could get cool cartoon characters to appear next to our names.

I. S. Graham said...

1. $1985.51
2. 27.09%

P.S. Initials: so hot right now.

count'em quick karl said...

1. $1,985.51
2. 27.1%

I find that I do my best math work past 1 AM.

D. Robert Davis said...

you are such a loser Bulger.

Swibold said...

Patrick C. -- You'll need to convert that $1,156.92 into 2005 dollars and then plug the two numbers into the "NOO!" formula. As for a cool picture next to your name, they only give those to really cool people who register their own blogs.

P. Kurt (or the journalist formerly known as Peter) -- One does what one can to class things up, yes? I like your new moniker just fine. As for my interest in blogging, I prefer to think of myself as a trailblazer.

To All -- Danny the Awesome lived up to his self-promotion by providing the first correct answer. Awesome, indeed. Any suggestions on a suitable reward?

karl said...

1. 1985.51
2. 27%

danny person owes me money said...

This reminds me of high school math because it tempts me to cheat.

Everyone is getting $1985.51 at 27% and go figure that's what I got. No seriously, I worked hard on those numbers.

Look I'll even go the extra distance on question #2
27.099816386%

dANNY bOBBE

karl said...

Everyone else has cool names that they're posting under. I want one too. :( It's just too bad that I'm not creative.

And I'm a really good dancer too said...

I'm pretty sure Danny Person owes me money as well.

TimD said...

Tim the late

1) $1985.51

2) 27.1%

D. Robert Davis said...

i think a suitable reward would be an "A" for public affairs reporting on my trascript.

Swibold said...

On your whatscript?

D. Robert Davis said...

the english majors call it a transcript. c'mon swidog, you should be down with the slang and all since you have this hip blog. all of the kids are calling it a trascript these days.