Answered: Bill Shass pays a property tax of…

Bill Shass pays a property tax of $2,000. In his community, the tax rate is 50 mills. What is Bill's assessed value? Note: Do not round intermediate calculations. Assessed value

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

Bill Shass pays a property tax of $2,000. In his community, the tax rate is 50 mills. What is Bill's assessed value?
Note: Do not round intermediate calculations.
Assessed value

Expert Solution

Step 1

The assessed value of a house or other piece of real estate is the sum allotted to it for property tax reasons. The assessed value is determined by a government assessor, who also keeps it up to date on a regular basis.

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