Chapter 18.II, Problem 3RE

### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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. F a i r   M a r k e t   V a l u e A s s e s s m e n t   R a t e A s s e s s e d   V a l u e P r o p e r t y   T a x   R a t e P r o p e r t y   T a x   D u e $310 , 000 100$ 310 , 000 _ $17.25 per$ 1 , 000 $5 , 347.50 To determine To calculate: The assessed value and property tax due, if the fair market value is$310,000, assessment rate is 100% and property tax rate is $17.25 per$1000.

Explanation

Given Information:

The fair market value is $310,000, assessment rate is 100% and property tax rate is$17.25 per $1000. Formula used: Assessed value is the value of property that is used for tax purposes, and is generally a percentage of fair market value: fair market value×assessment rate=assessed value Property tax can by computed by, property tax=assessed value of property×tax rate If the tax rate is expressed per$1000 of assessed value,

Determine the number of $1000 the assessed value contains by dividing the assessed value by$1000.

Number of $1000 = Assessed value1000 Multiply the number of$1000 by the tax per $1000 to calculate the property tax. property tax=number of$1000×tax per $1000 Calculation: Consider the provided data, The fair market value is$310,000 and assessment rate is 100%

Divide the percentage by 100 and convert the assessment rate into decimals.

100%=100100=1

Assessment rate in decimals is 1

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