Question

A piece of property valued at $56 100 is assessed for property tax purposes at 11 of its value. If the property tax rate is $3.75 on each $100 of assessed value, what is the amount of tax levied on the property?

Answer 1

Answer:

Properties are assessed for tax pruporses taking a fraction of property value and applying the tax rate.

In this case say at 11 of its value (I suposse that it means 1/11)

So the value assesed is

$56100*\frac{1}{11}=5100$

Applying the tax

$5100*\frac{3.75}{100}=191.25$

So the amount levied is $191.25 in the case that the property is assessed at 1/11 of its value. In other case you can follow the same procedure using the respective fraction.