Mikes Condo has a market value of 310000 The property in mik

Mike\'s Condo has a market value of $310,000. The property in mike\'s area is assessed at40% of the market value. The tax rate is $145.10 per $1,000 of assessed valuation. the tax for mike is?

Solution

Mike\'s condo has a market value of $310,000. The property in Mike\'s area is assessed at 40 percent of
the market value. The tax rate is $145.10 per $1,000 of assessed valuation.

The tax for Mike is [310,000 * (40/100) * 145.10] / 1,000 = [310,000*.4* 145.10] / 1000

                                                                                  = [310,000*58.04] / 1000

                                                                                  = 17,992400 / 1000

                                                                                  = 17992.40.

Therefore, the tax for mike is: $17,992.40.