taxes on a house assessed at $64,000 are $1500 a year. If the assessment is raised to $85,000 and the tax rate did not change, how much would the taxes be?
1500*( 85000/64000)= ???
To calculate the new taxes, we will use the same tax rate as before and the new assessed value of $85,000.
First, let's determine the tax rate:
Tax rate = Taxes / Assessed value
$1500 = Taxes / $64,000
Next, we can solve for the tax rate:
Tax rate = $1500 / $64,000
Tax rate = 0.0234
Now, we can calculate the new taxes:
New taxes = Tax rate * New assessed value
New taxes = 0.0234 * $85,000
New taxes ≈ $1,989.00
Therefore, if the assessment is raised to $85,000 and the tax rate remains the same, the new taxes would be approximately $1,989.00 per year.
To find out the amount of taxes a house would be subject to after the assessment is raised, you need to calculate the new tax amount using the same tax rate.
Step 1: Determine the tax rate
Given that the taxes on the house assessed at $64,000 are $1,500 a year, divide the current taxes by the current assessment value:
Tax rate = Current taxes / Current assessment value
Tax rate = $1,500 / $64,000
Step 2: Calculate the new tax amount
Now that you have the tax rate, use it to calculate the new tax amount based on the increased assessment value:
New taxes = Tax rate * New assessment value
New taxes = Tax rate * $85,000
To get the new tax amount, you'll need to calculate the tax rate and then multiply it by the new assessment value. Let's do the calculations:
Tax rate = $1,500 / $64,000 ≈ 0.0234375
New taxes = 0.0234375 * $85,000 ≈ $1,992.19
Therefore, if the assessment is raised to $85,000 and the tax rate remains the same, the new taxes would be approximately $1,992.19 per year.