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In Township K each property is taxed at 8 percent of its assessed

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In Township K each property is taxed at 8 percent of its assessed  [#permalink]

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New post 20 Nov 2015, 01:05
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A
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C
D
E

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  5% (low)

Question Stats:

94% (01:15) correct 6% (01:35) wrong based on 282 sessions

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Re: In Township K each property is taxed at 8 percent of its assessed  [#permalink]

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New post 20 Nov 2015, 07:12
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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

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Brent
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Re: In Township K each property is taxed at 8 percent of its assessed  [#permalink]

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New post 20 Nov 2015, 01:23
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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Re: In Township K each property is taxed at 8 percent of its assessed  [#permalink]

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New post 10 Dec 2016, 02:02
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]

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New post 26 Sep 2018, 04:57
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Re: In Township K each property is taxed at 8 percent of its assessed   [#permalink] 26 Sep 2018, 04:57
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