To calculate: The tax due on a condominium with an assessed value of $160,000. The property tax rateis displaystyle{6.3}%.

pancha3 2021-03-09 Answered
To calculate: The tax due on a condominium with an assessed value of $160,000. The property tax rateis 6.3%.
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Expert Answer

Aubree Mcintyre
Answered 2021-03-10 Author has 73 answers
Given:
The assessed value is $160,000
The property tax rate is 6.3%.
Formule used:
Property tax can by computed by,
property tax=assessed value
of property×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 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,
160000×0.063=10,080
So, the property tax due is 10,080.
Hence, the tax due to condominium is 10.080 if the assessed value is $160,000 and the property tax rate
is 6.3%.
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