Question

A property has a maximum assessed value of $253,400 and a real market value of $242,500 in 2009. In 2010 the property's real market value is assessed at $254,600. What is the taxes that will be charged on this property in 2010?

Answer 1

The taxes charged on the property in 2010 can be calculated by multiplying the assessed value with the tax rate.

Step-by-step explanation:

To calculate the taxes that will be charged on the property in 2010, we need to determine the assessed value in 2010 and then apply the tax rate.

The property's assessed value in 2010 is $254,600, and the maximum assessed value is $253,400.

This means that the property's assessed value is below the maximum value, so we can use the tax rate for properties with assessed values up to $255,000.

Let's assume that the tax rate is 1%. To find the taxes, we multiply the assessed value by the tax rate. In this case, the taxes would be $254,600 * 0.01 = $2,546.