If a commercial railway property has a property tax bill of $55477 and the mill rate is 11.02, what is the assessed value of the property? Select one: a. 493352.63 b. 453078.95 c. 478250.00 d. 503421.05 Check

If a commercial railway property has a property tax bill of $55477 and the mill rate is 11.02, what is the assessed value of the property? Select one: a. 493352.63 b. 453078.95 c. 478250.00 d. 503421.05 Check

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

If a commercial railway property has a property tax bill of $55477 and the mill rate is 11.02, what is the assessed value of the property?
Select one:
a. 493352.63
b. 453078.95
c. 478250.00
d. 503421.05
Check

Expert Solution

Step 1

Property tax is a tax imposed on the assessed value of a property based on the tax rate determined by the tax authority. This is the taxpayer's responsibility since it must be paid to the government when the property tax is determined.

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