Question

A condominium is taxed based on its $78,584 value. The tax rate is $3.49 for every $100 of value. If the tax is paid before March 1,4%
of the normal tax is given as a discount. How much tax is paid if the condominium owner takes advantage of the discount?
(Round to two decimal places as needed.)

Answer 1

Answer:

  $2,632.88

Step-by-step explanation:

The 4% discount causes the tax amount to be multiplied by (1 -4%). The normal tax is the tax rate multiplied by the value.

The amount of tax paid will be ...

  (3.49/100)($78,584) × (1 -4%) = $2,632.88

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Additional comment

That's more than 3 times the average US property tax rate, and about 50% more than the highest US property tax rate.