Answered: A property is assessed at $135, 000.…

A property is assessed at $135, 000. There is an equalization rate of 125%. The annual property tax are $5063. What is the tax rate?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 77IIP

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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

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A property is assessed at $135, 000. There is an equalization rate of 125%. The annual property tax are $5063. What is the tax rate?

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