Question
If the tax rate is \( \$ 3.62 \) per \( \$ 100 \), how much tax must be paid on a home assessed at \( \$ 25.000 \) ?
Ask by Henry Reed. in the United States
Feb 27,2025
Upstudy AI Solution
Tutor-Verified Answer
Answer
The tax to be paid is $905.
Solution
To determine the tax, first calculate how many $100 increments there are in a $25,000 assessment:
Number of increments = 25,000 / 100 = 250
Since the tax rate is $3.62 per $100, multiply the number of increments by $3.62:
Tax = 250 × $3.62 = $905
Thus, the tax that must be paid is $905.
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Simplify this solution Bonus Knowledge
To calculate the tax on a home assessed at \( \$ 25,000 \) with a tax rate of \( \$ 3.62 \) per \( \$ 100 \), you'll first need to find out how many hundreds are in \$ 25,000. Divide \( 25,000 \) by \( 100 \), which gives you \( 250 \). Then, multiply \( 250 \) by \( 3.62 \): \[ 250 \times 3.62 = 905 \] So, the tax to be paid on the home is \( \$ 905 \). Now, if you’ve ever dealt with property taxes, you know that they can be a bit tricky! One common mistake is forgetting to adjust for exemptions or deductions, which can reduce the assessed value. Always double-check your assessment notice for any potential adjustments that could save you some cash!
