Homework Help: Math

Posted by Anonymous on Wednesday, October 3, 2012 at 5:55pm.

A residential property is assessed for tax purposes at 40% of its market value. The residential property tax is 3 1/3% of the assessed value and the tax is $1200.
a)What is the assessed value of the property?
b) What is the market value of the property?

Math - Henry, Thursday, October 4, 2012 at 7:21pm
a 3 1/3% = 3.33333%/100% = 0.033333 = %
rate expressed as a decimal.
0.033333A = $1200.
A = $36,000. = Assessed value.

b. 0.4M = $36000.
M = $90,000. = Market value.

Answer this Question

Related Questions

Math - Need urgent help! - A residential property is assessed for tax purposes ...
business math - Pete’s Warehouse has a market value of $5,000,000. The ...
Business Finance - Pete's Warehouse has a market value of $5,000,000. The ...
business math - Pete's warehouse has a market value of $5,000,000, the ...
finance - Knight has a property tax base with an appraised value consisting of $...
statistics - A building has a market value of $229,000.00. If it is assessed at ...
Math - What is the FCIA tax (assuming a 7.05% rate) on a weekly paycheck of $398...
math - Find the tax on a dinette with a cash price of $200 that has been reduced...
Accounting - pierce co has a june 30 fiscal year end. it estimated its annual ...
accounting - Information about a project Darcy Company is considering is as ...

For Further Reading

First Name:
School Subject:
Answer: