Asked by Anonymous
A residential property is assessed for tax purposes at 40% of its market value. The residential property tax is 3 1/3% of the assessed value and the tax is $1200.
a)What is the assessed value of the property?
b) What is the market value of the property?
a)What is the assessed value of the property?
b) What is the market value of the property?
Answers
Answered by
Henry
a 3 1/3% = 3.33333%/100% = 0.033333 = %
rate expressed as a decimal.
0.033333A = $1200.
A = $36,000. = Assessed value.
b. 0.4M = $36000.
M = $90,000. = Market value.
rate expressed as a decimal.
0.033333A = $1200.
A = $36,000. = Assessed value.
b. 0.4M = $36000.
M = $90,000. = Market value.