Question

The assessed value of a property is $ 16,000. If the tax rate is

$8/$100 of value, what is annual tax for the property?

Answer 1

Answer: 1280 dollars

Explanation:

Given that the assessed value of a property is $ 16,000.

If the tax rate is $8/$100 of value. That is, 8 dollars in every 100 dollars.

Divide both value of the property by 100.

16000/100 = 160 dollars

Then, multiply it by 8 dollars

8 × 160 = 1280 dollars

The annual tax for the property is therefore, 1280 dollars.

OR

First find the rate or percentage of the tax which will be:

8/100 = 8%

Find the 8% of the value of the property which is 16000 dollars

8/100 × 16000 = 1280 dollars