## Related questions with answers

Question

The tax rate is 54.5 mills, the market value is $95,000, and the rate of assessment is 45%. Find the (a) assessed value, (b) tax rate as a decimal, and (c) real estate tax.

Solution

VerifiedStep 1

1 of 4(a) $\$ 95,000 \times 45\% = \$42,750$

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

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