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Difficulty:
5%
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Question Stats:
93% (01:08) correct
7%
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wrong
based on 571
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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
_________________
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Posts: 6,727
Bunuel
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
General Discussion
Skywalker18
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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
Abhishek009
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Bunuel
= 8% of ( 24,000 - 20,000 )
= 8% of 4,000
= 320
Hence, The correct answer will be (C) $320
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