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In a certain community, property is assessed at 60% of its appraised

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In a certain community, property is assessed at 60% of its appraised  [#permalink]

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New post 04 Feb 2018, 21:42
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Question Stats:

56% (02:00) correct 44% (01:41) wrong based on 16 sessions

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In a certain community, property is assessed at 60% of its appraised value and taxed annually at the rate of $4.00 per $100 of assessed value. If a taxpayer is assessed $240 per quarter in property taxes, what is the appraised value of the property?

(A) $6,000

(B) $22,500

(C) $24,000

(D) $40,000

(E) $60,000

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Re: In a certain community, property is assessed at 60% of its appraised  [#permalink]

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New post 04 Feb 2018, 21:53
D

Let x be the property value.

We have, annually,

60/100*x is the accessed value.

rate for this annually is 60/100*x*4/100.

Hence per quarter,

rate=60/100*x*4/100*1/4

This rate = $240

Hence accessed value = 240/(60/100*4/100*1/4)

=$40000
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In a certain community, property is assessed at 60% of its appraised  [#permalink]

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New post 05 Feb 2018, 17:48
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Bunuel wrote:
In a certain community, property is assessed at 60% of its appraised value and taxed annually at the rate of $4.00 per $100 of assessed value. If a taxpayer is assessed $240 per quarter in property taxes, what is the appraised value of the property?

(A) $6,000

(B) $22,500

(C) $24,000

(D) $40,000

(E) $60,000

Work backwards.

Amount paid yearly?
$240 quarterly = $240*4 = $960 paid annually

Tax rate?
A little tricky. The rate is 4 percent ($4/$100) of 60 percent (given), so
Multiply the multipliers:
(.04)(.60) = .024 =
annual tax rate on appraised property value

OR

\(\frac{4}{100}=\frac{X}{60}\)
\(X =\frac{240}{100}= 2.4\)
percent
is the annual rate paid on appraised property value, P

$960 paid yearly = 2.4 percent of appraised property value, P

\(.024P = $960\)
\(P = \frac{$960}{.024} =\frac{$960,000}{24}= $40,000\)


Answer D
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Re: In a certain community, property is assessed at 60% of its appraised  [#permalink]

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New post 26 Mar 2019, 11:32
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Re: In a certain community, property is assessed at 60% of its appraised   [#permalink] 26 Mar 2019, 11:32
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