Pete's Warehouse has a market value of $5,000,000. The property in Pete's area is assessed at 40% of the market value. The tax rate is $105.10 per $1,000 of assessed valuation. What is Pete's property tax?

Name: Pete's Warehouse has a market value of $5,000,000. The property in Pete's area is assessed at 40% of the market value. The tax rate is $105.10 per $1,000 of assessed valuation. What is Pete's property tax?
Brand: Quizplus
Rating: 4.8 (45 reviews)

Question

Quizplus · Accepted Answer

$5,000,000 × .4 = $2,000,000; $2,000,000 / $1,000 = 2,000; 2,000 × $105.10 = $210,200.

Pete's Warehouse Has a Market Value of $5,000,000