Find the amount of the property tax.

Question

I need help on how to solve this, please and thank you. Chas owns a condominium with a fair market value of $374,000. Property in the area is assessed at 35% of market value, and the tax rate is $29.50 per $1,000 of assessed value. Find the amount of the property tax.

Answer 1

First, calculate 0.35 of $374,000 to get the assessed value.

Second, use tax rate $29.5/$1,000 = 0.0295 as the tax rate multiplier; apply it to the assessed value, and that's the amount of the property tax.