Question

Miriams house has a markey value of 125,000. The tax accessory evaluated her property tax rate to be 42%. What is the assessed value of miriams house? Use the formula: assessed value= market value x rate

Answer 1

If you use the formula it states Assessed Value = Market Value x Rate.
Assessed value = 125000
Rate = 42In addition to the rate, you must divide 42 by 100, which makes .42 then add 1.
42/100 = 0.42 + 1 = 1.42
125000(1.42) = 177500
$177,500 is Miriam's assessed value of her house.