   Chapter 18.II, Problem 7TIE ### 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 warehouse with an assessed value of $325,400. The property tax rate is$88.16 per $1,000 of assessed value. To determine To calculate: The tax due on a warehouse whose assessed value is$325,400 and the property tax rate is $88.16 per$1,000 of the assessed value.

Explanation

Given Information:

Assessed value is $325,400 and the property tax rate is$88.16 per $1,000 of the assessed value. Formula used: Property tax can by computed by, property tax=assessed value of property×tax rate If the tax rate is expressed per$1000 of assessed value,

Step 1: Determine the number of $1000 the assessed value contains by dividing the assessed value by$1000.

Number of $1000=Assessed value1000 Step 2: Multiply the number of$1000 by the tax per $1000 to calculate the property tax. property tax=number of$1000×tax per $1000 Calculation: Consider the provided data, Assessed value is$325,400 and the property tax rate is \$88

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