Question
Asked Dec 17, 2019
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Leo's townhouse has a market value of $310,000. The property in Leo's area is assessed at 40% of the market value. The tax rate is $145.10 per $1,000 of assessed valuation. The tax for Leo is
    
A. $7,999.40.
B. $16,992.40.
C. $7,999.30.
D. $17,992.40.
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Expert Answer

Step 1

The market value of townhouse is $310,000.

The property is assessed at 40% of market value.

Step 2

The assessed value of the property is calculated below:

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Assessed value = Property market value x 40% = $310,000 x 40% = $124, 000

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Step 3

The tax rate per $1,000 assessed value is $145.10...

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$145.10 Tax value = Assessed value x $1, 000 $145.10 = $124,000 x $1,000 = $17,992.40

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