Question

Rico's home is assessed at $80,000. The tax rate is 16.52 mills. What is the actual amount of tax on Rico's home?

Answer 1

Answer:Tax=1324.8

Step-by-step explanation

You can use the following formula:

Tax= (assesed value * tax rate/ 1000)

Plug in: Tax= (80000 * 16.52/1000)

tax=1324.80

Answer 2

$1,321.60

Explanation:

The actual amount of tax on Rico's home can be calculated using the formula:

`\boxed{\boxed{\sf \textsf{Tax} = \left(\frac{\textsf{Assessed Value}}{1,000}\right) * \textsf{Tax Rate (in mills)}}}`

Given that:

- Assessed Value = $80,000

- Tax Rate = 16.52 mills

Substitute these values into the formula:

`\sf \textsf{Tax} = \left((80,000)/(1,000)\right) * 16.52`

`\sf \textsf{Tax} = 80 * 16.52`

`\sf \textsf{Tax} = 1321.6`

Therefore, the actual amount of tax on Rico's home is $1,321.60.