Inch Company was expanding its production facilities and purchased large quantities of land in Hamilton for $5,970,000. The municipality assessed the value of the industrial land at 11% less than its purchase price. a. Calculate the assessed value of the land. Round to the nearest cent b. If the property tax rate is 2.30% per annum, calculate the amount of property tax they would have to pay in their first year. Round to the nearest cent
Inch Company was expanding its production facilities and purchased large quantities of land in Hamilton for $5,970,000. The municipality assessed the value of the industrial land at 11% less than its purchase price. a. Calculate the assessed value of the land. Round to the nearest cent b. If the property tax rate is 2.30% per annum, calculate the amount of property tax they would have to pay in their first year. Round to the nearest cent
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Transcribed Image Text:Inch Company was expanding its production facilities and purchased large quantities of
land in Hamilton for $5,970,000. The municipality assessed the value of the industrial
land at 11% less than its purchase price.
a. Calculate the assessed value of the land.
Round to the nearest cent
b. If the property tax rate is 2.30% per annum, calculate the amount of property tax
they would have to pay in their first year.
Round to the nearest cent
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