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?
6490 * (71/59) = ?
If $6,490 is the tax for $590,000 then
one dollar will cost a tax of 590,000/6,490 = 11/1000 dollars.
If 1 dollar taxes 11/1000 dollars then $710,000 dollar will tax (11/1000*710000=7810 dollars.
To find out how much the tax would be on a property assessed at $710,000, we can use the concept of proportionality.
First, we need to determine the tax rate for the property assessed at $590,000. We can do this by dividing the tax of $6,490 by the assessed value of $590,000:
Tax rate = Tax / Assessed value
Tax rate = $6,490 / $590,000
Next, we can calculate the tax for the property assessed at $710,000 using the tax rate we just found:
Tax = Tax rate * Assessed value
Tax = (Tax rate) * $710,000
Let's compute the tax rate:
Tax rate = $6,490 / $590,000
Tax rate ≈ 0.011
Now, we can calculate the tax for the property assessed at $710,000:
Tax = (0.011) * $710,000
Tax ≈ $7,810
Therefore, the tax on a property assessed at $710,000 would be approximately $7,810 if tax rates are proportional in Portland.