1 Answer

Nishant Roy · Answer 1 · 2023-07-30T15:01:14+0000

Given:

The market value is $400,000.

The assessed value rate = 70 %=0.7.

The property tax rate is $50 per $ 1000 of assessed value.

Required:

We need to find the property tax amount.

Step-by-step explanation:

Consider the assessed value formula.

$Assessed\text{ value=Rate}* Market\text{ value}$

Substitute rate =70 %=0.7 and market value =400000 in the formula.

$Assessed\text{ value=0.7}*400000$
$Assessed\text{ value=\$280000}$

Consider the property tax amount formula.

$propertry\text{ tax=\lparen assessed value}\/1000)* Rate$

Substitute assessed value = 280000 and rate =50 in the formula.

$propertry\text{ tax=\lparen280000}\/1000)*50$
$propertry\text{ tax=280}*50$
$propertry\text{ tax=\$14000}$

Final answer:

$propertry\text{ tax=\$14,000}$

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