Question

Calculate the assessed value and the property tax due on the following property. Round your answer for property tax due to the nearest cent.

Fair Market Value	Assessment Rate	Assessed Value	Property Tax Rate	Property Tax Due
$100,500	85%	$	$1.50 per $100	$

Answer 1

A. Value = Fair value × A. Rate

               = $100,500 × 85%

               = $85,425 [Answer]

Tax amount = A. Value × T. Rate

                    = $85,425 × ($1.50 / $100)

                    = $85,425 × 0.015

                    = $1,281.375

                    = $1,281.38 rounded [Answer]