Bill Shass pays a property tax of $3,200. In his community, the tax rate is 51 mills. What is Bill’s assessed value? (Round your answer to the nearest dollar amount. Omit the "$" sign in your response.)
A 51 mill rate is 5.1% of the assessed value, assuming there is no exemption.
The assessed property value is therefore 3200/0.051 = 62,745.
To find Bill's assessed value, we can use the formula: Assessed value = Property tax / Tax rate
First, convert the tax rate from mills to a decimal by dividing it by 1000.
51 mills = 51/1000 = 0.051
Next, substitute the values into the formula:
Assessed value = $3,200 / 0.051
Calculate the assessed value:
Assessed value ≈ $62,745.10 (rounded to the nearest dollar)
Therefore, Bill's assessed value is approximately $62,745.
To find Bill's assessed value, we can use the formula:
Assessed Value = Property Tax / Tax Rate
In this case, Bill's Property Tax is $3,200 and the Tax Rate is 51 mills (or 0.051).
So, Assessed Value = $3,200 / 0.051
To calculate this, divide $3,200 by 0.051:
Assessed Value ≈ $62,745
Therefore, Bill's assessed value is approximately $62,745.