Explanation Given Information: Assessed value of farm is $85,300 and the property tax rate is 54.1 mills. Formula used: Property tax can by computed by, property tax = assessed value of property × tax rate Steps to calculate property tax when the tax is expressed in mills, Step 1. Multiply the tax rate in mills by 0.001 to calculate the tax rate in decimal form. Tax rate in decimal form = Tax rate in mills × .001 Step 2

Contemporary Mathematics for Business & Consumers

8th Edition

ISBN: 9781305585447

Author: Robert Brechner, Geroge Bergeman

Publisher: Cengage Learning

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Chapter 18.II, Problem 8TIE

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To calculate: The tax due on the farm which has an assessed value of $85,300 and the property tax rate is 54.1 mills

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Chapter 18.II, Problem 7TIE

Chapter 18.II, Problem 9TIE

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Chapter 18 Solutions

Contemporary Mathematics for Business & Consumers

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The tax due on the farm which has an assessed value of $85,300 and the property tax rate is 54.1 mills

Solution Summary: The author explains how to calculate the property tax due on a farm with an assessed value of 85,300 and 54.1 mills.

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To calculate: The tax due on the farm which has an assessed value of $85,300 and the property tax rate is 54.1 mills

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Chapter 18 Solutions