Profile picture for gravitybelow

Can someone please help answer and explain this question for me?

The tax on a property is $600. The tax rate is 30 mills. Property is assessed at 50% of market value. What is the market value of the property?


Thanks for the help!
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May 02 - US
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Answers (2)

Profile picture for Pasadenan
600/3% x2 = $40k, assuming that is "annual" property tax, not pro-rated per month due to an impound account.

But "present market value" may actually have very little to do with tax assessment value, even if it is claimed that there was that 50% relationship for establishing the tax.
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May 21
Profile picture for BungalowMo
That sounds like a homework question.

Look through your notes on calculating this & find the answer.
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