Answer:
a) $235.65
b) $57,499.58
Step-by-step explanation:
Tax rate is 1 mill or $0.001 on every $1 of appraised value. This means the tax rate is:
Tax rate = $0.001 per $1 = [tex]\frac{0.001}{1} \times 100\%=0.1\%[/tex]
Part a)
Appraised value of medical center = $ 235,654
Tax rate = 0.1%
Tax Amount due = 0.1% of $ 235,65 = [tex]\frac{0.1}{100} \times 235,654= \$ 235.654[/tex]
Thus, the tax due for 1 mill is $235.65 rounded to nearest cent.
Part b)
New Tax rate = 244 mills = [tex]\$ \frac{244}{1000} =$0.244[/tex]
Tax rate is 1 mill or $0.001 on every $1 of appraised value. This means the tax rate is:
Tax rate = $0.244 per $1 = [tex]\frac{0.244}{1} \times 100\%=24.4\%[/tex]
Tax Amount due = 24.4% of $ 235,65 = [tex]\frac{24.4}{100} \times 235,654= \$ 57499.576[/tex]
Thus, the tax due for 244 mills is $57,499.58 rounded to nearest cent.
