Question

the market value of a property is $90,000 and is assessed at 35%. The annual taxes are $1,260. What is the tax rate?

Answer 1

Answer:

The correct answer to the following question is 40% .

Explanation:

Given information -

Market value of the property = $90,000

The property is being assessed at 35%

The annual taxes are 35%

here the first step would be to calculate the assessed value, which would be calculated by -

market value of property x assessed percentage

= $90,000 x 35%

= $31,500

Now for the tax rate divide the tax rates by assessed value =

$1260 / $31,500 x 100

= 40%