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Ajani Zeta's home is located in Baton Rouge, Louisiana, where the rate of assessment is 10% of market value. The tax rate is 94.523 mills. His home has a market value of $480,000. (a) What is its assessed value? (b) What is the property tax?

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(a) $480,000×10%=$48,000\$ 480,000 \times 10 \% =\$ 48,000

The assessed value is the product of the market value and the rate of assessment.

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