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In Township K each property is taxed at 8 percent of its assessed valu
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20 Jan 2021, 09:29
20 Jan 2021, 09:29
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87% (01:10) correct
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In Township K each property is taxed at 8 percent of its assessed value. If the assessed value of a property in Township K is increased from $20,000 to $24,000, by how much will the property tax increase?
(A) $32
(B) $50
(C) $320
(D) $400
(E) $500
Kudos for the right answer and explanation
(A) $32
(B) $50
(C) $320
(D) $400
(E) $500
Kudos for the right answer and explanation
Re: In Township K each property is taxed at 8 percent of its assessed valu
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20 Jan 2021, 19:52
20 Jan 2021, 19:52
1
The value of the property increased $4000
Hence the tax will increase subsequently
Tax increment = 8% * 400 = \(0.08 * 400\) = 320
Answer C
Hence the tax will increase subsequently
Tax increment = 8% * 400 = \(0.08 * 400\) = 320
Answer C
Re: In Township K each property is taxed at 8 percent of its assessed valu
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21 Jun 2021, 10:29
21 Jun 2021, 10:29
1
rx10 wrote:
The value of the property increased $4000
Hence the tax will increase subsequently
Tax increment = 8% * 400 = \(0.08 * 400\) = 320
Answer C
Hence the tax will increase subsequently
Tax increment = 8% * 400 = \(0.08 * 400\) = 320
Answer C
Correction: 8% of 400 is 32, not 320. So the correct answer is A.
