Vâ€™s Warehouse has a market value of $880,000. The property in Vâ€™s area is assessed at...

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Vâ€™s Warehouse has a market value of $880,000. The property inVâ€™s area is assessed at 35% of the market value. The tax rate is$58.90 per $1,000 of assessed value. What is Vâ€™s property tax?(Round your answer to the nearest cent.)

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3.6 Ratings (324 Votes)

Market value of the property for assessment purposes= 0.35*$880,000

Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â = $308,000

Tax rate= $58.90/ $1,000= 0.0589*100

Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â = 5.89%

Therefore, Vâ€™s property tax is = 0.0589*$308,000

Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â = $18,141.20

In case of any query, kindly comment on the solution

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