Question

Estimate property value, given tax rate and amount
The town of Mayville taxes property at a rate of $42 for each $1000 of estimated value. What is the estimated value of a property on which the owner owes $5,250 in property tax?
a. $42,000
b. $47,250
c. $125,500
d. $220,500
e. $5,250,000

- Show step-by-step ans, please!
- Thanks!

Answer 1

Let property rate be x

$\\ \sf\Rrightarrow \dfrac{42}{1000}=\dfrac{5250}{x}$

$\\ \sf\Rrightarrow 0.042=\dfrac{5250}{x}$

$\\ \sf\Rrightarrow x=\dfrac{5250}{0.042}$

$\\ \sf\Rrightarrow x=125000$