Chapter 18.II, Problem 20RE

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

BUSINESS DECISION: EARLY PAYMENT, LATE PAYMENT

You own an a townhome with an assessed value of $185,400. The tax rate is $2.20 per $100 of assessed value.

a. What is the amount of property tax?

b. If the state offers a 4% discount for early payment, how much would the tax bill amount to if you paid early?

c. If the state charges a mandatory

**(a)**

To determine

**To calculate:** The property tax if the hometown has an assessed value of $185,400 and the tax rate is $2.2 per $100 of the assessed value.

Explanation

**Given Information:**

The hometown has an assessed value of $185,400 and the tax rate is $2.2 per $100 of the assessed value.

**Formula used:**

Property tax can by computed by,

If the tax rate is expressed per $100 of assessed value,

Step 1: Determine the number of $100 the assessed value contains by dividing the assessed value by $100.

Step 2: Multiply the number of $100 by the tax per $100 to calculate the property tax.

**Calculation:**

Consider the provided data,

The hometown has an assessed value of $185,400 and the tax rate is $2

**(b)**

To determine

**To calculate:** How much would the tax bill amount to if paid early, if the state offers a 4% discount for early payment.

**(c)**

To determine

**To calculate:** How much would the tax bill amount to if paid late, if the state charges a mandatory

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