Posted by Anonymous on .
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?
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.