The tax rate on Ned Topolino's $112,000 vacation home is 25 mills. The property is assessed at full value. How much will Ned pay in taxes this year?
A. $2,800 B. $780 C. $7,800 D. $28,000
A?
(25/1000)(112000 = 2,800
Thanks😊
To calculate the amount of taxes Ned will pay on his vacation home, we need to multiply the assessed value by the tax rate.
The assessed value of the property is given as the full value, which is $112,000.
The tax rate is given as 25 mills. A mill is one-thousandth of a dollar, so 25 mills is equal to 0.025 dollars.
To find the amount of taxes, we multiply the assessed value by the tax rate:
$112,000 * 0.025 = $2,800
Therefore, Ned will pay $2,800 in taxes this year.
Therefore, the correct answer is A. $2,800.
To calculate how much Ned will pay in taxes this year, we need to multiply the assessed value of the vacation home by the tax rate. The tax rate is given as 25 mills, which means 25/1000 or 0.025.
First, let's find the assessed value of the vacation home. The problem states that the property is assessed at full value, which means the assessed value is equal to the market value of the home. Therefore, the assessed value is $112,000.
Next, we need to calculate the tax amount. We multiply the assessed value ($112,000) by the tax rate (0.025):
Tax amount = $112,000 * 0.025
Tax amount = $2,800
Therefore, Ned will pay $2,800 in taxes this year. So, the correct answer is A.