Vervet County levies a real property tax based on the following schedule.
Rate $\quad$$\quad$Assessed value
3% $\quad$$\quad$$-0- to $250,000
+ 1% $\quad$$250,001 and above
-Bilex Inc. owns real property valued at $629,800. Compute Bilex's tax on this property.
A) $13,798
B) $7,500
C) $6,298
D) None of the choices are correct.

Question

Vervet County levies a real property tax based on the following schedule.
Rate $\quad$$\quad$Assessed value
3% $\quad$$\quad$$-0- to $250,000
+ 1% $\quad$$250,001 and above
-Bilex Inc. owns real property valued at $629,800. Compute Bilex's tax on this property.
A) $13,798
B) $7,500
C) $6,298
D) None of the choices are correct.

Quizplus · Accepted Answer

Bilex's tax is $11,298 ([3% × $250,000] + [1% × $379,800]).

Vervet County Levies a Real Property Tax Based on the Following