The taxes on a house valued at $60,000 are $450.00. The tax ratio is 16%.

What are the taxes on the house next door with a market value of $75,000?

Answer: $562.5

Step-by-step explanation:

Given : The taxes on a house valued at $60,000 are $450.00.

i. e. Market value of house = $60,000

Tax amount paid on $60,000 market value house = $450.00

Tax rate = (Tax amount on) : (Market value of house)

⇒ Tax rate = 0.0075

Market value of another house = $75,000

Tax amount paid on $75,000 market value house = (Tax rate) x ((Market value of house))

= (0.0075) x ($75,000) = $562.5

Hence, the taxes on the house next door with a market value of $75,000 = $562.5