John pays $650 in property tax. What is the assessed value of his property if property taxes are 1.2% of assessed value?
John pays $650 in property tax. What is the assessed value of his property if property taxes are 1.2% of assessed value?
To find the assessed value of John's property, we need to use the property tax rate and the amount he paid. The formula to find the assessed value (AV) is AV = Property Tax / Tax Rate. Here, the property tax paid is $650 and the tax rate is 1.2% (or 0.012 in decimal form). Thus, the assessed value is AV = 650 / 0.012, which equals $54,166.67.
The answer is option D