Question

V’s Warehouse has a market value of $880,000. The property in V’s area is assessed at 35% of the market value. The tax rate is $58.90 per $1,000 of assessed value. What is V’s property tax?

Answer 1

$18,141.20

Explanation:

The assessed value is $880,000 × 0.35.

The tax will be ...

(58.90/1000) × (0.35 × $880,000) = $18,141.20