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

Exercise 44

Find the property tax for the following. (See Example.)
Finding the Property Tax
Find the taxes on each of the following pieces of property. Assessed values and tax rates are given.
(a) $58,975; 8.4%
(b) $875,400; $7.82 per $100
(c) $129,600; $64.21 per $1000
(d) $221,750; 94 mills
SOLUTION
Multiply the tax rate by the assessed value.
(a) 8.4% =.084
Tax = Tax rate × Assessed value
Tax =.084 × $58,975 = $4953.90
(b) $875,400 = 8754 hundreds
Tax = $7.82 × 8754 = $68,456.28
(c) $129,600 = 129.6 thousands
Tax = $64.21 × 129.6 = $8321.62
(d) 94 mills =.094
Tax =.094 × $221,750 = $20,844.50