Monroe county levies a tax on the value of real property located within the county. The tax equals 3 percent of the property's assessed value up to $2 million plus 1 percent of the value in excess of $2 million.

Monroe county levies a tax on the value of real property located within the county. The tax equals 3 percent of the property's assessed value up to $2 million plus 1 percent of the value in excess of $2 million.

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

Monroe county levies a tax on the value of real property located within the county. The tax equals 3 percent of the property's assessed
value up to $2 million plus 1 percent of the value in excess of $2 million.
Required:
a. Compute the tax on real property valued at $1.3 million.
b. Compute the tax on real property valued at $4.5 million.

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Step 2: (a) Compute the tax on real property valued at $1.32 million:

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Step 3: (b) Compute the tax on real property valued at $4.50 million:

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