   Chapter 18.II, Problem 5RE ### 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. 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 $76 , 000 100 _ _ _ _ _ _ 3.44 % _ _ _ _ _ _ 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. 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 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,

100%=100100=1

Assessment rate in decimals is 1

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