Solve the problem.
-A taxpayer's property has a fair market value of $92,000. The rate of assessment in the area is 25%. The tax rate is $6.76 per $100 of assessed valuation. Find the property tax.

Question

Quizplus · Accepted Answer

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

Assessed Value = Fair Market Value x Rate of Assessment
Assessed Value = $92,000 x 0.25
Assessed Value = $23,000

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

Property Tax = Assessed Value x Tax Rate per $100
Property Tax = ($23,000 ÷ 100) x $6.76
Property Tax = $1,554.80

Therefore, the correct answer is C. First, find the assessed value of the property:
Assessed value = 92,000 x 0.25 = $23,000
Then, calculate the property tax:
Property tax = assessed value x tax rate per $100
Property tax = 23,000/100 x 6.76 = $1,554.80

Solve the Problem. -A Taxpayer's Property Has a Fair Market Value of $92,000