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Question

Calculate the (a) assessed value, (b) tax rate as a decimal, and (c) real estate tax. Jevon Nada's home has a market value of $72,000, the rate of assessment is 30%, and the tax rate is 85.50 mills.

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(a) $72,000×30%=$21,600\$ 72,000 \times 30 \% =\$ 21,600

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

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