Explanation Given Information: Assessed value is $325,400 and the property tax rate is $88.16 per $1,000 of the assessed value. Formula used: Property tax can by computed by, property tax = assessed value of property × tax rate If the tax rate is expressed per $1000 of assessed value, Step 1: Determine the number of $1000 the assessed value contains by dividing the assessed value by $1000. Number of $1000 = Assessed value 1000 Step 2: Multiply the number of $1000 by the tax per $1000 to calculate the property tax. property tax = number of $1000 × tax per $1000 Calculation: Consider the provided data, Assessed value is $325,400 and the property tax rate is $88

Contemporary Mathematics for Business & Consumers

8th Edition

ISBN: 9781305886803

Author: Brechner

Publisher: Cengage

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Chapter 18.II, Problem 7TIE

To determine

To calculate: The tax due on a warehouse whose assessed value is $325,400 and the property tax rate is $88.16 per $1,000 of the assessed value.

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Chapter 18 Solutions

Contemporary Mathematics for Business & Consumers

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The tax due on a warehouse whose assessed value is $325,400 and the property tax rate is $88.16 per $1,000 of the assessed value.

Solution Summary: The author calculates the property tax due on a warehouse whose assessed value is 325,400 and the tax rate is 88.16 per 1,000

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To calculate: The tax due on a warehouse whose assessed value is $325,400 and the property tax rate is $88.16 per $1,000 of the assessed value.

Chapter 18 Solutions