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Bill Shass pays a property tax of $2,000. In his community, the tax rate is 50...

Bill Shass pays a property tax of $2,000. In his community, the tax rate is 50 mills. What is Bill’s assessed value? (Do not round intermediate calculations.)

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Answer #1

Solution:

Property tax = $2000

Tax rate = 50 mills = 0.050

Assessed value = property tax / tax rate

Assessed value = 2000/0.050= $40,000

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