Mike's Condo Has a Market Value of $310,000

question 102

Multiple Choice

Mike's condo has a market value of $310,000. The property in Mike's area is assessed at 40% of the market value. The tax rate is $145.10 per $1,000 of assessed valuation. The tax for Mike is:

• A)$16,992.40
• B)$7,999.30
• C)$7,999.40
• D)$17,992.40
• E)None of these

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Definitions:

Sale of Goods

A commercial transaction in which a seller transfers ownership of tangible personal property to a buyer for a price.

Electronic Form

Digital or electronic format of documents or data, enabling electronic handling, storage, and transfer.

Enforceable

Pertains to a contract or obligation that is legally binding and can be upheld in a court of law.

Parol

Oral or verbal evidence, not recorded in writing, used to explain the terms of a contract.