The Assessed Value on a Property Increased from $285,000 Last

question 327

Essay

The assessed value on a property increased from $285,000 last year to $298,000 in the current year. Last year's property tax rate was $1.56324 per $100 of assessed value.
a) What will be the change in the property tax from last year if the new tax rate is set at $1.52193 per $100?
b) What would the new tax rate have to be for the dollar amount of the property taxes to be unchanged?

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Definitions:

Budgeted Beginning Inventory

The estimated value or quantity of inventory that a company plans to have on hand at the start of a period.