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6 November, 00:49

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?

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  1. 6 November, 01:35
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    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%
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