Question

mike's condo has a market value of 310000. the property in mikes area is assessed at 40% of the market value. the tax rate is 145.10 per 1000 of assessed valuation.the tax for mike is

Answer 1

If you would like to know Mike's tax, you can calculate this using the following steps:

a market value ... 310000
the property ... 40% of the market value = 40% * 310000 = 40/100 * 310000 = 124000

the tax rate ... 145.10 per 1000 of assessed valuation
145.10 ... 1000 of assessed valuation
x ... 124000 of assessed valuation
____________________________
145.10 * 124000 = 1000 * x     /1000
x = 145.10 * 124000 / 1000
x = 17992.4 (Mike's tax)

The correct result would be: Mike's tax is 17992.4.