The assessment rate in the XYZ country is 80% and the tax rate is $66.80 per $1,000 of assessed value. Gregory has one property in the same area, and it has a market value of 250,000. Find the tax due.
To find the tax due, we need to first calculate the assessed value of Gregory's property using the assessment rate.
Assessed Value = Market Value * Assessment Rate
Assessed Value = $250,000 * 0.80
Assessed Value = $200,000
Now that we have the assessed value, we can calculate the tax due by multiplying it by the tax rate.
Tax Due = Assessed Value * Tax Rate
Tax Due = $200,000 * ($66.80 / $1,000)
Tax Due = $200,000 * 0.0668
Tax Due = $13,360
Therefore, the tax due for Gregory's property is $13,360.
property is assessed at .8(250,000) = $200,000
so tax = 200,000/1000 * 66.8