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16 August, 02:28

Jack and Brenda Bushnell pay $2,870.19 in annual property taxes. The rate of assessment for their tax district is 54%, and their tax rate is 39.87 mills. What is their property's market value to the nearest cent?

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  1. 16 August, 02:39
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    Jack and Brenda Bushnell can calculate their property's market value using the equation below:

    Annual Market Value = (Rate of Assessment x Market Value x Tax Rate/1000)

    $2,870.19 = (0.54 x Market Value x 0.03987)

    Market Value = $133,312.43

    Therefore, the market value to the nearest cent is $133,312.43.
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