Question

Jack and Brenda Bushnell pay $2,870.19 in annual property taxes. The rate of assessment for their tax district is 54%, and their tax rate is 39.87 mills. What is their property’s market value to the nearest cent?

Answer 1

The market value to the nearest cent is $133,312.43.

Explanation:

Given is :

Jack and Brenda Bushnell pay $2,870.19 in annual property taxes.

The rate of assessment for their tax district is 54% or 0.54.

Tax rate is = 39.87% or 0.3987

Let their property’s market value be = P

We can find P as :

`P=2870.19/0.54*0.03987`

P = $133,312.43

Hence, the market value to the nearest cent is $133,312.43.

Answer 2

Jack and Brenda Bushnell can calculate their property's market value using the equation below:
Annual Market Value = (Rate of Assessment x Market Value x Tax Rate/1000)
$2,870.19 = (0.54 x Market Value x 0.03987)
Market Value =$133,312.43
Therefore, the market value to the nearest cent is $133,312.43.