Question

All property tax in Wyoming is based on the assessed value of the property being taxed. For county revenue, the tax rate cannot exceed 1.2% of the assessed value. Suppose that the assessed value of a hotel is $84,000 and the tax rate is 1.2%. What is the property tax?

Answer 1

The property tax is $1008.

Explanation:

Given:

All property tax in Wyoming is based on the assessed value of the property being taxed.

The assessed value of a hotel is $84,000.

Tax rate is 1.2%.

Now, to find the property tax.

Property tax = Tax rate of the property assessed value.

`Property\ tax =1.2\%\ of\ \$84,000.`

`Property\ tax=(1.2)/(100)* 84000.`

`Property\ tax=(100800)/(100)`

`Property\ tax=\$1008.`

Therefore, the property tax is $1008.