enter the 2 missing pieces of information. market value tax policy assessed value rate type of rate property…

enter the 2 missing pieces of information. market value tax policy assessed value rate type of rate property tax $351,000.00 80.00% $0.00 27.8200 mill $0.00 dollar answer(s) should be rounded to the nearest cent and your percent answer(s) should be accurate to 4 decimal places. mill rates should be accurate to 2 decimal places.

enter the 2 missing pieces of information. market value tax policy assessed value rate type of rate property tax $351,000.00 80.00% $0.00 27.8200 mill $0.00 dollar answer(s) should be rounded to the nearest cent and your percent answer(s) should be accurate to 4 decimal places. mill rates should be accurate to 2 decimal places.

Answer

Explanation:

Step1: Calculate the assessed value

The assessed - value is a percentage of the market value. The formula is $Assessed\ Value = Market\ Value\times Tax\ Policy$. Given the market value is $$351,000$ and the tax policy is $80.00%$ or $0.8$. $Assessed\ Value=351000\times0.8 = 280800.00$

Step2: Calculate the property tax

A mill rate is $1$ per - thousand. The formula for property tax is $Property\ Tax=\frac{Assessed\ Value\times Mill\ Rate}{1000}$. The mill rate is $27.8200$. $Property\ Tax=\frac{280800\times27.8200}{1000}=280800\times\frac{27.8200}{1000}=280800\times0.02782 = 7811.86$

Answer:

Assessed Value: $$280800.00$ Property Tax: $$7811.86$