   Chapter 18, Problem 10AT ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

#### Solutions

Chapter
Section ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

# Calculate the assessed value and the property tax due on the following properties. FairMarket Value AssessmentRate AssessedValue Property Tax Kate Property Tax Due 10. $92,200 80% 2 .33% To determine To calculate: The assessed value and the property tax due on the property if fair market value of the property is$92,200, assessment rate is 80% and the property tax rate is 2.33%.

Explanation

Given Information:

The fair market value of the property is $92,200, assessment rate is 80% and the property tax rate is 2.33%. Formula used: Assessed value = The fair market value × Assessment rateProperty Tax = Assessed value × Tax Rate Calculation: Consider the fair market value of the property is$92,200, assessment rate is 80% and the property tax rate is 2.33%

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