In: Finance
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.)
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
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