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In Township K each property is taxed at 8 percent of its assessed
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Bunuel
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In Township K each property is taxed at 8 percent of its assessed [#permalink] New post  20 Nov 2015, 00:05
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In Township K each property is taxed at 8 percent of its assessed value. If the assessed value of a property in Township K is increased from $20,000 to $24,000, by how much will the property tax increase?

(A) $32
(B) $50
(C) $320
(D) $400
(E) $500
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BrentGMATPrepNow
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Re: In Township K each property is taxed at 8 percent of its assessed [#permalink] New post  20 Nov 2015, 06:12
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Bunuel wrote:
In Township K each property is taxed at 8 percent of its assessed value. If the assessed value of a property in Township K is increased from $20,000 to $24,000, by how much will the property tax increase?

(A) $32
(B) $50
(C) $320
(D) $400
(E) $500

Increase in house value = $24,000 - $20,000 = $4000
So, tax increase = 8% of $4000

Shortcut: I know that 10% of $4000 = $400
So, 8% of $4000 will be a LITTLE BIT LESS THAN $400
Answer: C

Cheers,
Brent
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Skywalker18
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Re: In Township K each property is taxed at 8 percent of its assessed [#permalink] New post  20 Nov 2015, 00:23
Property tax as a percentage of its assessed value = 8%
Increase in assessed value of the property = 24000 - 20000 = 4,000 $

Increase in property tax = (8/100)* 4000 = 320 $

Answer C
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Abhishek009
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Re: In Township K each property is taxed at 8 percent of its assessed [#permalink] New post  10 Dec 2016, 01:02
Bunuel wrote:
In Township K each property is taxed at 8 percent of its assessed value. If the assessed value of a property in Township K is increased from $20,000 to $24,000, by how much will the property tax increase?

(A) $32
(B) $50
(C) $320
(D) $400
(E) $500


= 8% of ( 24,000 - 20,000 )

= 8% of 4,000

= 320

Hence, The correct answer will be (C) $320
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Re: In Township K each property is taxed at 8 percent of its assessed [#permalink] New post  20 Jan 2021, 09:29
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Re: In Township K each property is taxed at 8 percent of its assessed [#permalink]
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