Question

4. Beth recently purchased a restaurant. The market value on theproperty is $950,000. The assessment rate is 40%, and the propertytax rate is $32.10 per $1,000 of assessed value. Find Beth's propertytax.

Answer 1

Given:

The market value of the property is $950,000.

The assessment rate is 40%, and the property tax rate is $32.10 per $1,000 of assessed value.

Required:

We need to find property tax.

Step-by-step explanation:

`A\text{ssessed value = 40 \% of the property}`

`A\text{ssessed value = }(40)/(100)*950,000`

`A\text{ssessed value = \$ 380000}`

Given that the property tax rate is $32.10 per $1,000 of assessed value.

`Property\text{ tax= \$ 380000}*(32.10)/(1000)`

`Property\text{ tax= \$ 12,198.}`

Final answer:

`Property\text{ tax= \$ 12,198.}`