Given:
The market value of the property is $950,000.
The assessment rate is 40%, and the property tax rate is $32.10 per $1,000 of assessed value.
Required:
We need to find property tax.
Explanation:
[tex]A\text{ssessed value = 40 \% of the property}[/tex][tex]A\text{ssessed value = }\frac{40}{100}\times950,000[/tex][tex]A\text{ssessed value = \$ 380000}[/tex]Given that the property tax rate is $32.10 per $1,000 of assessed value.
[tex]Property\text{ tax= \$ 380000}\times\frac{32.10}{1000}[/tex][tex]Property\text{ tax= \$ 12,198.}[/tex]Final answer:
[tex]Property\text{ tax= \$ 12,198.}[/tex]