V’s Warehouse has a market value of $880,000. The property in V’s area is assessed at...

V’s Warehouse has a market value of $880,000. The property in V’s area is assessed at 35% of the market value. The tax rate is $58.90 per $1,000 of assessed value. What is V’s property tax? (Round your answer to the nearest cent.)

Expert Solution

Market value of the property for assessment purposes= 0.35*$880,000

= $308,000

Tax rate= $58.90/ $1,000= 0.0589*100

= 5.89%

Therefore, V’s property tax is = 0.0589*$308,000

= $18,141.20

In case of any query, kindly comment on the solution

jeff jeffy answered 6 months ago

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