Q:

14. The property tax on a medical center is 1 mill or no of a cent ($0.001)for every $1.00 of appraised value. The medical center has an appraisedvalue of $235,654.00.a. What is the tax due for 1 mill?b. What is the tax due if the tax rate is 244 mills?15. A registered dietitian (RD) is assisting a natient with hypertension to

Accepted Solution

A:
Answer:a) $235.65b) $57,499.58Step-by-step explanation:Tax rate is 1 mill or $0.001 on every $1 of appraised value. This means the tax rate is:Tax rate = $0.001 per $1 = [tex]\frac{0.001}{1} \times 100\%=0.1\%[/tex]Part a)Appraised value of medical center = $ 235,654Tax rate = 0.1%Tax Amount due = 0.1% of $ 235,65 = [tex]\frac{0.1}{100} \times 235,654= \$ 235.654[/tex]Thus, the tax due for 1 mill is $235.65 rounded to nearest cent.Part b)New Tax rate = 244 mills = [tex]\$ \frac{244}{1000} =$0.244[/tex]Tax rate is 1 mill or $0.001 on every $1 of appraised value. This means the tax rate is:Tax rate = $0.244 per $1 = [tex]\frac{0.244}{1} \times 100\%=24.4\%[/tex]Tax Amount due = 24.4% of $ 235,65 = [tex]\frac{24.4}{100} \times 235,654= \$ 57499.576[/tex]Thus, the tax due for 244 mills is $57,499.58 rounded to nearest cent.