   Chapter 18.II, Problem 5TIE ### 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 tax due on a condominium with an assessed value of $160,000. The property tax rate is 6.3%. To determine To calculate: The tax due to condominium if the assessed value is$160,000 and the property tax rate is 6.3%.

Explanation

Given Information:

The assessed value is $160,000 and The property tax rate is 6.3%. Formula used: 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 assessed value is,$160,000

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