Question

Miriam's house has a market value of $125,000. The tax accessor evaluated her property tax rate to be 42%. What is the assessed value of Miriam's house? Use the formula: Assessed Value = Market Value x Rate.

Answer 1

Well if you use the formula it states Assessed Value = Market Value x Rate.

Assessed value = 125000

Rate = 42
In addition to the rate, you must divide 42 by 100, which makes .42 then add 1.

42/100 = 0.42 + 1 = 1.42

125000(1.42) = 177500

$177500 is Miriam's assessed value of her house.