Solve the problem.
-A taxpayer's property has a fair market value of $110,000. The rate of assessment in the area is 50%. The tax rate is $3.35 per $100 of assessed valuation. Find the property tax.

Question

Quizplus · Accepted Answer

First, we need to find the assessed value of the property by multiplying the fair market value by the assessment rate:

Assessed value = $110,000 × 50% = $55,000

Then, we can calculate the property tax by multiplying the assessed value by the tax rate:

Property tax = $55,000 × ($3.35/$100) = $1,842.50

Therefore, the answer is D. First, we need to find the assessed value of the property by multiplying the fair market value by the assessment rate: 
$110,000 x 50% = $55,000

Next, we need to calculate the property tax by multiplying the assessed value by the tax rate per $100 of valuation and dividing by 100: 
($55,000 ÷ 100) x $3.35 = $1,842.50

Therefore, the property tax is $1,842.50. Option D is the correct answer.

Solve the Problem. -A Taxpayer's Property Has a Fair Market Value of $110,000