SOLUTION: the rate of tax on a house is 7.5% of assessed value. the assessed value is 80% of the market value.if the tax on a certain house is $12,000, what is its market value?
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Question 1013209: the rate of tax on a house is 7.5% of assessed value. the assessed value is 80% of the market value.if the tax on a certain house is $12,000, what is its market value? Answer by fractalier(6550) (Show Source):
You can put this solution on YOUR website! Call x the market value of the house...then we have
(.075)(.80)x = 12000
x = 12000 / (.075)(.8) = $200,000
