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inessss [21]
3 years ago
6

The current value of a property is $60,000. For real estate tax purposes, the property is assessed at 30 percent of its current

value, with an equalization factor of 1.25 applied to the assessed value. If the tax rate is $4 per $100 of assessed valuation, what is the amount of tax due on the property?
Business
1 answer:
Damm [24]3 years ago
4 0

Answer:

Explanation:

Given:

Current value, C = $60000

Assessed value, A = 30 percent of its current value

= 30% × C

Equalisation factor, E = 1.25

The tax rate is $4 per $100 of assessed valuation.

Assessed value, A = 30/100 × 60000

= $18000

Total assessed valuation = assessed value × E

= $18000 × 1.25

= $22500

Tax rate of $4/$100 × assessed valuation

Tax amount = tax rate × assessed valuation

= ($4 × $22500)/$100

= $900

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