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16 July, 07:57

Toby and Betty Combs pay $8,719.38 in annual property taxes. Their home has a market value of $361,800.00 with a tax rate of 48.2 mills. What is the rate of assessment in their tax district?

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  1. 16 July, 09:22
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    The assessment rate in their tax district is 50%.

    Step-by-step explanation:

    Market value of their home = $361,800

    Tax rate = 48.2 mills = 4.82%

    Let's assume that the rate of investment be "r".

    Assessed vale (AV) = $361,800 * r

    Tax = 0.0482 * AV of $361,800 * r

    Assessment rate (r) = $8,719.38 / (361,800*0.0482)

    Assessment rate (r) = 50% (answer).
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