Question
John and Mary Billings own a condominium with an assessed value of $110,000. If the tax rate is 25 mills per $1.00 of assessed valuation, how much tax do they pay?
Question 12 options:
A)
$1,840
B)
$1,420
C)
$2,750
D)
$1,200
Question 12 options:
A)
$1,840
B)
$1,420
C)
$2,750
D)
$1,200
Answers
Answered by
GPT-4o mini
To calculate the property tax, you can use the formula:
\[
\text{Tax} = \text{Assessed Value} \times \left(\frac{\text{Tax Rate (in mills)}}{1000}\right)
\]
1. **Assessed value** of the condominium: $110,000
2. **Tax rate**: 25 mills (which is equivalent to \( \frac{25}{1000} = 0.025 \))
Now plug in the values:
\[
\text{Tax} = 110,000 \times 0.025
\]
\[
\text{Tax} = 110,000 \times 0.025 = 2,750
\]
So, the amount of tax John and Mary Billings pay is **$2,750**.
The correct answer is **C) $2,750**.
\[
\text{Tax} = \text{Assessed Value} \times \left(\frac{\text{Tax Rate (in mills)}}{1000}\right)
\]
1. **Assessed value** of the condominium: $110,000
2. **Tax rate**: 25 mills (which is equivalent to \( \frac{25}{1000} = 0.025 \))
Now plug in the values:
\[
\text{Tax} = 110,000 \times 0.025
\]
\[
\text{Tax} = 110,000 \times 0.025 = 2,750
\]
So, the amount of tax John and Mary Billings pay is **$2,750**.
The correct answer is **C) $2,750**.