John and Mary Billings own a condominium with an assessed value of $110,000. If the tax rate is 25
mills per $1.00 of assessed valuation, how much tax do they pay?
That would be
Value * rate
=110,000 *(0.025/1.00)
2750
To calculate the tax amount, follow these steps:
Step 1: Convert the assessed value to dollars.
Since the assessed value is given in dollars ($110,000), no conversion is needed.
Step 2: Convert the tax rate to a decimal.
To do this, divide the tax rate (25 mills) by 1000.
25 mills / 1000 = 0.025
Step 3: Multiply the assessed value by the tax rate.
Multiply $110,000 by 0.025 to find the tax amount:
$110,000 * 0.025 = $2,750
Therefore, John and Mary Billings would pay $2,750 in taxes.
To calculate how much tax John and Mary Billings have to pay, we need to multiply the assessed value of their condominium by the tax rate.
First, let's convert the tax rate from mills to decimal form. A mill is equal to 1/1000 of a dollar, so 25 mills would be 25/1000 or 0.025 in decimal form.
Next, we multiply the assessed value of $110,000 by the tax rate of 0.025:
Tax amount = assessed value * tax rate
Tax amount = $110,000 * 0.025
Tax amount = $2,750
Therefore, John and Mary Billings will have to pay $2,750 in taxes.