Question

Property valued at $56,000 is assessed at of itsvalue. If the yearly tax is calculated as $3 per $100 ofassessed value, what is the yearly tax on this property?A. $ 420B. $1.120C. $1,260D. $1,680E $2,240

Answer 1

Since the yearly tax is calculated as $3 per $100 of assessed value, which is 3/4 of $56,000 , the yearly tax on this property can be calculated as: $56,000*3/4*$3/$100 = $ 1260. The answer is option C.