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Question # To calculate: The tax due on a condominium with an assessed value of $160,000. The property tax rateis displaystyle{6.3}%. Decimals ANSWERED asked 2021-03-09 To calculate: The tax due on a condominium with an assessed value of$160,000. The property tax rateis $$\displaystyle{6.3}\%.$$ 2021-03-10
Given:
The assessed value is $160,000 The property tax rate is $$\displaystyle{6.3}\%.$$ Formule used: Property tax can by computed by, property $$\displaystyle\text{tax}=\text{assessed}$$ value of $$\displaystyle\text{property}\times\text{tax rate}$$ If the tax rate is expressed as a percentage, convert the tax rate percentage to decimals by moving the decimal point two places to the left. Calculation: Consider the provided date, The assessed value is$160,000.
Property tax rate is $$\displaystyle{6.3}\%.$$
Convert the property tax rate into decimals by moving the decimal point two places to the left.
So the property tax rate in decimals is 0.063
Now, multiply the tax rate with the assessed value of property and calculate the property tax due,
$$\displaystyle{160000}\times{0.063}={10},{080}$$
So, the property tax due is 10,080.
Hence, the tax due to condominium is $$\displaystyle\underline{{{10.080}}}$$ if the assessed value is \$160,000 and the property tax rate
is $$\displaystyle{6.3}\%.$$