1.Given a tax rate of $0.0824 and an assessed valuation of $74,900, the total property tax due is:
a. |
$6,171.76 |
|
b. |
None of these |
|
c. |
$6,111.67 |
|
d. |
$6,071.67 |
|
e. |
$6,110.67 |
2.Given a tax rate of $0.8231 and total property tax due of $12,510, the total assessed valuation rounded to the nearest dollar is:
a. |
$1,519 |
|
b. |
$5,199 |
|
c. |
None of these |
|
d. |
$15,199 |
|
e. |
$150,199 |
3.
Lee's toy store is worth $400,000 and is insured for $300,000. Assuming an 80% coinsurance clause and a fire that caused $190,000 of damage, the liability of the insurance company is:
a. |
$124,500 |
|
b. |
$142,500 |
|
c. |
$178,125 |
|
d. |
$187,125 |
|
e. |
None of these |
Property tax = Assessed Value*Tax Rate
= 74,900*0.0824
= $6,171.76
i.e. a
2.Assessed Valuation = 12,510/0.8231
= $15,199
i.e. d.
3.Liability of Insurance company = 190,000*300,000/400,000
= $142,500
i.e. b
1.Given a tax rate of $0.0824 and an assessed valuation of $74,900, the total property tax...
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