Annual value of property is $12300. Find the property tax payable for a period of 8 months at a rate of 16%?
Thanks but I don't need the corny comments. It's a math question.
Surely the question was not worded that way.
Do you mean assessed value of property?
(8/12)(12300)(.16) = 1312
By the way a 16% tax rate is much, much higher than any I have ever heard of. No one would buy property there.
To find the property tax payable for a period of 8 months, we need to calculate the tax for the annual value of the property at a rate of 16%.
Step 1: Calculate the tax for a year
Tax = (Rate/100) * Annual Value
Tax = (16/100) * $12300
Step 2: Calculate the tax for 8 months
Tax for 8 months = (Tax for a year / 12) * 8
Let's calculate it:
Step 1: Calculate the tax for a year
Tax = (16/100) * $12300
Tax = (16/100) * 12300
Tax = $1968
Step 2: Calculate the tax for 8 months
Tax for 8 months = (1968 / 12) * 8
Tax for 8 months = 164 * 8
Tax for 8 months = $1312
Therefore, the property tax payable for a period of 8 months at a rate of 16% is $1312.
To find the property tax payable for a period of 8 months at a rate of 16%, you need to follow these steps:
Step 1: Calculate the monthly value of the property tax.
Since the annual value is $12,300, divide this value by 12 to get the monthly value:
Monthly value = $12,300 / 12 = $1,025.
Step 2: Calculate the property tax for 8 months.
Multiply the monthly value by the number of months (8) to find the property tax for that period:
Property tax = $1,025 * 8 = $8,200.
Therefore, the property tax payable for a period of 8 months at a rate of 16% is $8,200.