# Math

posted by .

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 -

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.

## Similar Questions

1. ### statistics

A building has a market value of \$229,000.00. If it is assessed at 50% of market value and the tax rate is 40 mills, find the property tax. I got 4,580
2. ### Business Finance

Pete's Warehouse has a market value of \$5,000,000. The property in Pete's area is assessed at 40% of the market value. The tax rate of \$105.10 per \$1000 of assessed value. What is Pete's property tax?
3. ### business math

Pete's warehouse has a market value of \$5,000,000, the property in Pete's area is assessed at 40%of the market value. the tax rate is \$105.10 per \$1,000 of assessed value. what is Pete's property tax?
4. ### business math

Pete’s Warehouse has a market value of \$5,000,000. The property in Pete’s area is assessed at 40% of the market value. The tax rate is \$105.10 per \$1,000 of assessed value. What is Pete’s property tax?
5. ### finance

Knight has a property tax base with an appraised value consisting of \$142,000,000 of taxable real property and \$78,000,000 of taxable personal property. The assessment ratio is 50%. Exemptions for the elderly reduce assessed value …
6. ### Math - Need urgent help!

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?
7. ### math

In Chicago, the tax on a property assessed at \$550,000 is \$7,700. If tax rates are proportional in this city, how much would the tax be on a property assessed at \$920,000?
8. ### Math

Ms Perez owns 2 properties in different towns. The 1st property is assessed at \$125,000 and has a tax rate of \$6.35 per 1000 dollars. The 2nd property has the same assessed value, but is taxed at the rate of \$0.00587 per dollar. Derive …
9. ### Economics

The assessed value of Patty's residential property was \$200,000 in 2004. In 2006, the assessed value increased to \$225,000. The property tax rate in both years was 1.2 percent. Patty earned \$60,000 each year. Determine Patty’s property …
10. ### Math

In Portland, the tax on a property assessed at \$590,000 is \$6,490. If tax rates are proportional in this city, how much would the tax be on a property assessed at \$710,000?

More Similar Questions