SOLUTION: A government employee is relocated to a new region of the country and purchases a new home. The purchase price of the house is $87,250. Taxes to be paid on this house include: coun

Question 1144127: A government employee is relocated to a new region of the country and purchases a new home. The purchase price of the house is $87,250. Taxes to be paid on this house include: county tax of $424 per year, town tax of $738 per year, and school tax of $466 every six months. The aggregate tax rate is 13.2% of assessed value. The assessed value of this house is what percent of the purchase price?
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
not sure if this is right, but here goes.
the purchase price of the house is $87,250.
the overall tax rate is 13.2% of the assessed value.
the overall tax is $424 + $738 + $466 = $1,628 every 6 months.
$1,628 * 2 = $3,256 per year = 13.2% of assessed value.
let x = the assessed value.
you get $3,256 = .132 * x
solve for x to get x = $3,256 / .132 = $24,667 rounded to the nearest dollar.
that assessed value = $24,667 / $87,250 = .2827 rounded to 4 decimal places = 28.27% of the purchase price.

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