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4 November, 11:14

The current value of a property is $40,000. The property is assessed at 40% of its current value for real estate tax purposes, with an equalization factor of 1.5 applied to the assessed value. If the tax rate is $4 per $100 of assessed, what is the amount of tax due on the property?

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  1. 4 November, 13:45
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    Tax due on the property : $ 960

    Step-by-step explanation:

    We know that the property is assessed at the 40% of it's current value.

    First we are going to find the value assessed.

    40% of $40,000 = 0.4 * 40,000 = $ 16,000

    Now, at the value, we are aplying a factor of 1.5. This equalization factor is the multiplier we use to calculate the value of a property that is in line with statewide tax assessments

    So, we do, 1.5 * $16,000 = $24,000

    Now we got that we the tax rate is $4 per $100 assessed.

    So we got $24,000 * $4 / $100 = $ 960
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