   Chapter 18.II, Problem 8TIE ### 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 farm with an assessed value of $85,300. The property tax rate is 54.1 mills. To determine To calculate: The tax due on the farm which has an assessed value of$85,300 and the property tax rate is 54.1 mills

Explanation

Given Information:

Assessed value of farm is \$85,300 and the property tax rate is 54.1 mills.

Formula used:

Property tax can by computed by,

property tax=assessed value of property×tax rate

Steps to calculate property tax when the tax is expressed in mills,

Step 1. Multiply the tax rate in mills by 0.001 to calculate the tax rate in decimal form.

Tax rate in decimal form=Tax rate in mills×.001

Step 2

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