Question

The Mariaskis’ home is located in a community where the rate of assessment is 45% of the market value. The tax is $65 per $1,000 of assessed value. The Mariaskis’ home has a market value of $97,400.a. What is the assessed value?b. What is the yearly real estate tax?

Answer 1

• (a)$43,830

,

• (b)$2848.95.

Explanation:

Part A

• The rate of assessment is 45% of the market value.

,

• The Mariaskis’ home has a market value of $97,400.

Therefore, the assessed value of the home is:

`\begin{gathered} 45\%\text{ of \$97,400} \\ =0.45*97400 \\ =\$43,830 \end{gathered}`

The assessed value is $43,830.

Part B

• The tax is $65 per $1,000 of assessed value.

,

• From part(a), the assessed value is $43,830.

Therefore, the yearly real estate tax is:

`(65)/(1000)*43830=\$2848.95`

The yearly real estate tax is $2848.95.