11. Chuck Wells purchased a condominium with a market value of $125,000 in The Villages. The assessment rate is 60%, and the tax rate is 22.92 mills. (a) What is the assessed value (in $) of the condo? $ (b) What is the amount of property tax (in $)? $

11. Chuck Wells purchased a condominium with a market value of $125,000 in The Villages. The assessment rate is 60%, and the tax rate is 22.92 mills. (a) What is the assessed value (in $) of the condo? $ (b) What is the amount of property tax (in $)? $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

11. Chuck Wells purchased a condominium with a market value of $125,000 in The Villages. The assessment rate is 60%, and the tax rate is 22.92 mills.

(a)

What is the assessed value (in $) of the condo?

(b)

What is the amount of property tax (in $)?

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