business math need help with it
A new grocery store is expected to have a fair market value of $2,856,000. It will be assessed at 40%, and the tax rate is $5.24 per $100 of assessed value. Fin
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Assessed Value = (Fair Market Value) x (0.40)
Where 0.40 is the decimal equivalent of 40%.
Tax Rate = $5.24/$100 of assessed value = $0.0524 per dollar of assessed value.
Taxes = (Assessed Value) x (Tax Rate) = (Assessed Value) x ($0.0524)