Explanation Given Information: The total assessed value is $ 11 , 370 , 000 and the total expenses is $ 386 , 450 . Formula used: The tax rate of assessed value is the rate of tax that is paid for owing a property. Formula for assessed value: Tax per $1 of assessed value = total estimated budget total assessed property value . Tax per $100 of assessed value = total estimated budget total assessed property value × $ 100 Tax per $1000 of assessed value = total estimated budget total assessed property value $ 1000 . Calculation: Consider the total assessed value is $ 11 , 370 , 000 and the total expenses is $ 386 , 450 . For tax on $ 1 : Tax per $1 of assessed value = total estimated budget total assessed property value Substitute the given values in above equation, Tax per $1 of assessed value = $ 386 , 450 $ 11 , 370 , 000 = $ 0.03398 Therefore, the tax on $ 1 is $ 0.03398

Pearson eText for Business Math -- Instant Access (Pearson+)

11th Edition

ISBN: 9780137518883

Author: Cheryl Cleaves, Margie Hobbs

Publisher: PEARSON+

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Chapter 20, Problem 49ES

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To calculate: The property tax on $1, $100 and $1000 if the total assessed value is $11,370,000 and the total expenses is $386,450.

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Chapter 20, Problem 48ES

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The property tax on $ 1 , $100 and $1000 if the total assessed value is $ 11 , 370 , 000 and the total expenses is $ 386 , 450 .

Solution Summary: The author calculates the property tax on 1,100 and1000, based on the total assessed value and expenses.

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To calculate: The property tax on $1, $100 and $1000 if the total assessed value is $11,370,000 and the total expenses is $386,450.

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Chapter 20 Solutions