I need help in this question, Please answer this question. Kindly response fast.

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I need help in this question, Please answer this question. Kindly response fast.......

This is the example from class...

4) Using the example from the power point we covered in class, calculate the tax rate for the hypothetical situation below; School district A has an equalization rate of .20 (20% of market value). Your property carries an assessed value of $20,000. (Hint: This is based upon your local assessor who traditionally assesses below full market value.) a b. What is the full/market/true value or your property? c. If the tax on true was $10/$1,000 on full value, what would be the tax? d. If the tax on assessed was $20/$1000 on assessed, what would be the tax?

Explanation / Answer

A. The fair market value of property = 20000/0.20= 100000$

B. Tax on full value = 1% of full value.

Tax amount = 100000*1/100= 1000$

C. Tax on assessed value = 2% 0f assessed value = 2*20000/100= 400$

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