Question

The taxes on a piece of property valued at $40,000 were $860. At the same rate, what would be the taxes on property valued at $55,000?

Answer 1

Ratio and Proportion Method
Since both are at the same rate, then ratio and proportion can be applied here

If $40000 = $860

Then $55000 =55000x(860/40000)
=$1182.50

Therefore the taxes which would be on $55000 is $1182.50