Chapter 18.II, Problem 3RE

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

Calculate the assessed value and the property tax due on the following properties.

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:

Property tax can by computed by,

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.

Multiply the number of $1000 by the tax per $1000 to calculate the property tax.

**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.

Assessment rate in decimals is 1

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