   Chapter 18.II, Problem 6RE ### 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. Fair   Market Value $125 , 000 Assessment Rate 100 Assessed Value _ _ _ _ _ _ _ Property Tax Rate$ 1.30   per   $100 Property Tax Due _ _ _ _ _ _ _ To determine To calculate: The assessed value and property tax due, if the fair market value is$125,000, assessment rate is 100% and property tax rate is $1.3 per$100.

Explanation

Given Information:

The fair market value is $125,000, assessment rate is 100% and property tax rate is$1.3 per $100. 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$100 of assessed value,

Step 1: Determine the number of $100 the assessed value contains by dividing the assessed value by$100.

Number of $100=Assessed value100 Step 2: Multiply the number of$100 by the tax per $100 to calculate the property tax. property tax=number of$100×tax per $100 Calculation: Consider the provided data, The fair market value is$125,000, assessment r

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