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Calculate the Property TaxFind the Mean: Sum/Quantity Find the MedianFind the Mode

Calculate The Property TaxFind The Mean SumQuantity Find The MedianFind The Mode class=

Sagot :

Given:

The market value is $400,000.

The assessed value rate = 70 %=0.7.

The property tax rate is $50 per $ 1000 of assessed value.

Required:

We need to find the property tax amount.

Explanation:

Consider the assessed value formula.

[tex]Assessed\text{ value=Rate}\times Market\text{ value}[/tex]

Substitute rate =70 %=0.7 and market value =400000 in the formula.

[tex]Assessed\text{ value=0.7}\times400000[/tex][tex]Assessed\text{ value=\$280000}[/tex]

Consider the property tax amount formula.

[tex]propertry\text{ tax=\lparen assessed value}\/1000)\times Rate[/tex]

Substitute assessed value = 280000 and rate =50 in the formula.

[tex]propertry\text{ tax=\lparen280000}\/1000)\times50[/tex][tex]propertry\text{ tax=280}\times50[/tex][tex]propertry\text{ tax=\$14000}[/tex]

Final answer:

[tex]propertry\text{ tax=\$14,000}[/tex]

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