Question

The tax rate on Jerome Jame's $112,000 vacation home is 25 mills. The property is assessed at full value. How much will Jerome pay in taxes this year?

A. $2,800
B. $7,800
C. $780
D. $28,000

Answer 1

$2,800

Explanation:

Given : The tax rate on Jerome Jame's $112,000 vacation home is 25 mills.

To Find : How much will Jerome pay in taxes this year?

Solution :

Tax rate = 25%

Jerome Jame's pay = $112,000

Amount of tax =
`25\% * 112000`

Amount of tax =
`(25)/(100)* 112000`

Amount of tax =
`28000`

So, Option A is true

Hence Jerome pay $2,800 in taxes this year

Answer 2

Answer: A. $2,800

Explanation:

Given: The value of Jerome's home= $112,000

Thus, the assessment of the property = $112,000

We know that to calculate the property tax, multiply the assessment of the property by the mill rate and divide by 1,000.

Thus, the property tax
`=112000*(25)/(1000)=\$2,800`

Hence, Jerome pay $2,800 in tax.

Therefore, A is the right answer.