Final answer:
The market value of Jack and Brenda Bushnell's property is calculated to be approximately $133,333.33, based on their annual property tax of $2,870.19, an assessment rate of 54%, and a mill rate of 39.87.
Step-by-step explanation:
To calculate the market value of Jack and Brenda Bushnell's property based on the information provided, we need to use the details of their annual property taxes, the tax district's rate of assessment, and their mill rate. The given annual property tax amount is $2,870.19, the assessment rate is 54%, and the tax rate is 39.87 mills, which is equivalent to 0.03987 when converted to a decimal (since 1 mill equals 0.001).
First, to find the assessed value of the property, we need to reverse-calculate from the taxes paid using their mill rate:
- Property tax = Assessed value × Mill rate
- $2,870.19 = Assessed value × 0.03987
- Assessed value = $2,870.19 / 0.03987
- Assessed value = $72,000 approximately
Now that we have the assessed value of the property, we can determine the market value by considering the assessment rate. Since the tax assessment is 54% of the market value, we can express it as follows:
- Assessed value = Market value × Assessment rate
- $72,000 = Market value × 0.54
- Market value = $72,000 / 0.54
- Market value = $133,333.33 approximately
Therefore, the market value of Jack and Brenda Bushnell's property is around $133,333.33.