Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller

Exercise 32

Find the assessed value for the following pieces of property. (See Example.)
Finding the Assessed Valuation of Property
Find the assessed value for the following pieces of property owned by Martha Spencer.
(a) Home: fair market value $185,300; assessment rate 35%
(b) Business property: fair market value $328,500; assessment rate 35%
(c) Commercial lot located in a different state: fair market value $123,800; assessment rate 60%
SOLUTION
Multiply the fair market value by the assessment rate.
(a) $185,300 ×.35 = $64,855
(b) $328,500 ×.35 = $114,975
(c) $123,800 ×.60 = $74,280