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20 Nov 2015, 01:05
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C
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
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Question Stats:
93% (01:09) correct
7%
(01:39)
wrong
based on 513
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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
(A) $32
(B) $50
(C) $320
(D) $400
(E) $500
20 Nov 2015, 07:12
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Bunuel
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(A) $32
(B) $50
(C) $320
(D) $400
(E) $500
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
General Discussion
20 Nov 2015, 01:23
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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
Increase in assessed value of the property = 24000 - 20000 = 4,000 $
Increase in property tax = (8/100)* 4000 = 320 $
Answer C
