Chapter 18.II, Problem 5RE

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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 $76,000, assessment rate is 100% and property tax rate is 3.44%.

Explanation

**Given Information:**

The fair market value is $76,000, assessment rate is 100% and property tax rate is 3.44%

**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 as a percent, convert the tax rate percent into decimals, this can be done by moving the decimal point two places to the left.

**Calculation:**

Consider the provided data,

The fair market value is $76,000 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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