Question

14. The property tax on a medical center is 1 mill or no of a cent ($0.001)

for every $1.00 of appraised value. The medical center has an appraised
value of $235,654.00.
a. What is the tax due for 1 mill?
b. What is the tax due if the tax rate is 244 mills?
15. A registered dietitian (RD) is assisting a natient with hypertension to

Answer 1

a) $235.65

b) $57,499.58

Explanation:

Tax rate is 1 mill or $0.001 on every $1 of appraised value. This means the tax rate is:

Tax rate = $0.001 per $1 =
`(0.001)/(1) * 100\%=0.1\%`

Part a)

Appraised value of medical center = $ 235,654

Tax rate = 0.1%

Tax Amount due = 0.1% of $ 235,65 =
`(0.1)/(100) * 235,654= \$ 235.654`

Thus, the tax due for 1 mill is $235.65 rounded to nearest cent.

Part b)

New Tax rate = 244 mills =
`\$ (244)/(1000) =$0.244`

Tax rate is 1 mill or $0.001 on every $1 of appraised value. This means the tax rate is:

Tax rate = $0.244 per $1 =
`(0.244)/(1) * 100\%=24.4\%`

Tax Amount due = 24.4% of $ 235,65 =
`(24.4)/(100) * 235,654= \$ 57499.576`

Thus, the tax due for 244 mills is $57,499.58 rounded to nearest cent.