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.

Question

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?

Jennifer · Answer

1200 = 0.0333 * assessed value assessed value = .4 * market value solve the 1st equation for the assessed value, then plug this number into the second equation and solve for the market value

Anonymous · Answer

Thank youu!!!