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

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Joined: 02 Sep 2009
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In Township K each property is taxed at 8 percent of its assessed  [#permalink]

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20 Nov 2015, 00:05
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5% (low)

Question Stats:

93% (01:15) correct 7% (01:36) wrong based on 300 sessions

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

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20 Nov 2015, 06:12
6
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

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

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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 \$

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

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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]

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26 Sep 2018, 03:57
Hello from the GMAT Club BumpBot!

Thanks to another GMAT Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos).

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Re: In Township K each property is taxed at 8 percent of its assessed   [#permalink] 26 Sep 2018, 03:57