The annual property tax on Robert's house is $1,400.00, calculated as 1/100 of the assessed value of the house. What is the assessed value of Robert's house?
To find the assessed value of Robert's house, we need to divide the annual property tax by 1/100.
The assessed value is $1,400.00 divided by 1/100.
$1,400.00 ÷ 1/100 = $1,400.00 × 100/1 = $140,000.00
Therefore, the assessed value of Robert's house is $140,000.00.
To find the assessed value of Robert's house, we can use the formula:
Assessed Value = Annual Property Tax / (Tax Rate / 100)
In this case, the annual property tax is $1,400.00.
Let's assume the tax rate is represented by "x."
Assessed Value = $1,400.00 / (x / 100)
Since it is mentioned that the property tax is calculated as 1/100 of the assessed value of the house, we can set up the equation:
$1,400.00 = (1/100) * Assessed Value
Let's solve for the assessed value by isolating it:
Assessed Value = $1,400.00 * 100 / 1
Assessed Value = $140,000.00
Therefore, the assessed value of Robert's house is $140,000.00.