Jack and Brenda Bushnell pay $2,870.19 in annual property taxes. The rate of assessment for their tax district is 54%, and their tax rate is 39.87 mills. What is their property’s market value to the nearest cent?

Jack and Brenda Bushnell can calculate their property's market value using the equation below:
Annual Market Value = (Rate of Assessment x Market Value x Tax Rate/1000)
$2,870.19 = (0.54 x Market Value x 0.03987)
Market Value =$133,312.43
Therefore, the market value to the nearest cent is $133,312.43.

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chisnau chisnau · Answer 2 · 2019-06-27T05:12:18-04:00

Answer:

The market value to the nearest cent is $133,312.43.

Step-by-step explanation:

Given is :

Jack and Brenda Bushnell pay $2,870.19 in annual property taxes.

The rate of assessment for their tax district is 54% or 0.54.

Tax rate is = 39.87% or 0.3987

Let their property’s market value be = P

We can find P as :

$P=2870.19/0.54*0.03987$

P = $133,312.43

Hence, the market value to the nearest cent is $133,312.43.