Vervet County levies a real property tax based on the following schedule. $\begin{array}{rr}\text { Rate }&\text { Assessed value }\
38 & \$-0-\text { to } \$ 250,000 \
+18 & \$ 250,001 \text { and above }
\end{array}$ Bilex Inc. owns real property valued at $629,800. Compute Bilex's tax on this property.

Question

Quizplus · Accepted Answer

The tax for the first $250,000 is calculated at a rate of 38%, which is $95,000. For the remaining amount ($629,800 - $250,000 = $379,800), the tax rate is 18%, which equals $68,364. Adding both amounts gives a total tax of $163,364, which is not listed among the choices.

Vervet County Levies a Real Property Tax Based on the Following