Use the formula p=ar (Property tax = assessed value times tax rate) to find the value of a home where the property taxes are $2530.98 and the tax rate is 0.011

Question

I just dont know what i am doing wrong.

Answer 1

Bob, let's set up the equation.  You are given p and r, right?

 

2530.98 = a(0.011)

 

We solve this like an algebra equation.  Dividing both sides by 0.011, we get a = $230,089.  There are also some cents, but cents aren't usually used in assessing value to a home.

 

Hope this helps!