Question

A property owner paid 840.00 in property taxes to the Jay county collector. What was the assessed value of the property if the tax rate was 1.36%?

Answer 1

This question, in math terms, would mean $840 is equal to 1.36%. We need to find 100%.

Thus naming the variable "x" as the assessed value of the property,


`840 = (1.36)/(100) * x`

Solve for x.


`84000=1.36x`

x=61764.7058824

Rounded to the nearest hundredth, the assessed value of the property is $61,764.71