Question

The assessed value of a property is $16,000. If the tax rate is
$8/$100 of value, what is annual
tax for the property?
A) $1,280
B) $1,220
C) $1,320
D) $1,160
E) $980

Answer 1

To calculate the annual tax for the property, follow these steps: 1. Determine the property's assessed value, which is $16,000. 2. Find the tax rate, which is $8 for every $100 of the property's value. 3. Calculate the tax amount by multiplying the assessed value by the tax rate: $16,000 / $100 = 160 $8 x 160 = $1,280 Therefore, the annual tax for the property is $1,280, which corresponds to option A.