   Chapter 18, Problem 11AT ### 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 11. $74,430 70$12.72 per $1,000 To determine To calculate: The assessed value and the property tax due on the property if fair market value of the property is$74,430, assessment rate is 70% and the property tax rate is $12.72 per$1000.

Explanation

Given Information:

The fair market value of the property is $74,430, assessment rate is 70% and the property tax rate is$12.72 per $1000. Formula used: Assessed value = The fair market value × Assessment rateNumber of$1000 = Assessed value1000Property Tax = Number of $1000 × Tax per$1000

Calculation:

Consider the fair market value of the property is $74,430, assessment rate is 70% and the property tax rate is$12.72 per \$1000

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