Solve the problem.
-A taxpayer's property has a fair market value of $85,000. The rate of assessment in the area is 35%. The tax rate is $5.35 per $100 of assessed valuation. Find the property tax.

Question

Quizplus · Accepted Answer

First, we need to find the assessed value of the property, which is 35% of the fair market value:

$85,000 * 0.35 = $29,750

Next, we can use the assessed value to calculate the property tax:

$29,750 / 100 * $5.35 = $1,591.63

Therefore, the answer is choice A. Step 1: Find the assessed value of the property
Assessed value = Fair market value x Rate of assessment
Assessed value = $85,000 x 0.35
Assessed value = $29,750

Step 2: Calculate the property tax
Property tax = Assessed value / 100 x Tax rate
Property tax = $29,750 / 100 x $5.35
Property tax = $1,591.63

Therefore, the best choice is A, which is the only option that matches the calculated property tax.

Solve the Problem. -A Taxpayer's Property Has a Fair Market Value of $85,000