Leo's townhouse has a market value of $310,000. The property in Leo's area is assessed at 40% of the market value. The tax rate
is $145.10 per $1,000 of assessed valuation. The tax for Leo is
1 answer:
Market value = $310,000
Since market value for tax purposes is 40% of the actual market value,
Market value for tax assessment = $310,000*40% = $124,000
Tax rate per $1000 of assessed valuation = $145.10 or 14.51% of the assessed value
Hence tax to be paid by leo = $124000*14.51% = $17992.40
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