Question

A vacant lot is assessed at $36,000. What property tax must be paid on the lot if the tax rate is 2.4 cents per $1? PLEASE SHOW WORK

Answer 1

The property tax that must be paid on the lot is $864.

Explanation:

The assessment value of the lot is $36,000, and the tax rate is 2.4 cents per $1, or 0.024. So the total amount of tax due is calculated as follows:

$36,000 * 0.024 = $<<36000*0.024=864>>864