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V’s Warehouse has a market value of $880,000. The property in V’s area is assessed at...

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Finance

V’s Warehouse has a market value of $880,000. The property inV’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.)

Answer & Explanation Solved by verified expert
3.6 Ratings (324 Votes)

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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