Explanation Given Information: Assessed value of a vacant lot is $ 32 , 350 and the tax rate is $ 4.37 p e r $ 100 of assessed value. Formula used: Formula to express the given property tax rate as tax per $ 1 of assessed value. Property tax rate per $1 = tax on $ 100 $ 100 Formula to calculate property tax. Property tax = property tax rate per $ 1 × assessed value Calculation: Consider the primary equation, Property tax rate per $1 = tax on $ 100 $ 100 Substitute the given values in the above equation, Property tax rate per $1 = 4

11th Edition

ISBN: 9780134496436

Author: Cheryl Cleaves, Margie Hobbs, Jeffrey Noble

Publisher: PEARSON

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Chapter 20.2, Problem 10SE

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To calculate: The property tax on a vacant lot with an assessed value of $$32,350$ and a tax rate of $$4.37per$100$ assessed value.

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Chapter 20.2, Problem 9SE

Chapter 20.2, Problem 11SE

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Business Math (11th Edition)

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The property tax on a vacant lot with an assessed value of $ 32 , 350 and a tax rate of $ 4.37 p e r $ 100 assessed value.

Solution Summary: The author explains how to calculate the property tax on a vacant lot with an assessed value of 32,350.

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To calculate: The property tax on a vacant lot with an assessed value of $$32,350$ and a tax rate of $$4.37per$100$ assessed value.

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