Question

A condominium is taxed based on its $78,584 value. The tax rate is $3.49 for every $100 of value. If the tax is paid before March 1, 4%
of the normal tax is given as a discount. How much tax is paid if the condominium owner takes advantage of the discount?

Answer 1

The tax paid by the condominium owner  is $2,632.88.

What is the tax paid?

Tax is a compulsory levy that is paid to the government. The type of tax that is paid by the condominium owner is known as property tax.

Tax paid = (78,584 / 100) x $3.49 x (1 - 0.04) = $2,632.88.

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