The town of Mayville taxes property at a rate of $42 for each $1,000 of estimated value. What is the estimated value of a property on which the owner owes $5,250 in property tax?
A)$42,000
B)$47,250
C)$125,000
D)$220,500
E)$5,250,000

Question

Quizplus · Accepted Answer

The property tax is calculated as $42 for each $1,000 of estimated value. To find the estimated value, divide the total tax owed by the rate per $1,000. $5,250 / ($42/$1,000) = $125,000.

The Town of Mayville Taxes Property at a Rate of $42