Question

monroe county levies a tax on the value of real property located within the county. the tax equals 3 percent of the property's assessed value up to $2 million plus 1 percent of the value in excess of $2 million.

Answer 1

3% value up to $2 million

Plus 1% of the value in excess of $2 million

1. $1.3 million property:

(1,300,000 million * 0.03)= $39,000

2. $4.5 million property:

(2,000,000 * .03) = $60000

(4,500,000 - 2,000,000)= $2500000

(2500000 * .01) = $25000

(60,000 + 25,000) = $85,000

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