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Solved on Mar 03, 2024

Find the tax on a 930,000propertygivena930,000 property given a 620,000 property is taxed $9,300 and tax rates are proportional.

STEP 1

Assumptions
1. The tax on a property assessed at \$620,000 is \$9,300.
2. Tax rates are proportional in Phoenix.
3. We want to find the tax on a property assessed at \$930,000.

STEP 2

First, we need to establish the proportionality constant (tax rate) by dividing the known tax amount by the known assessed property value.
Tax rate=Tax amountAssessed property valueTax\, rate = \frac{Tax\, amount}{Assessed\, property\, value}

STEP 3

Now, plug in the given values for the tax amount and the assessed property value to calculate the tax rate.
Tax rate=$9,300$620,000Tax\, rate = \frac{\$9,300}{\$620,000}

STEP 4

Calculate the tax rate.
Tax rate=$9,300$620,000Tax\, rate = \frac{\$9,300}{\$620,000}

STEP 5

Perform the division to find the tax rate.
Tax rate=9300620000Tax\, rate = \frac{9300}{620000}

STEP 6

Simplify the tax rate.
Tax rate=936200Tax\, rate = \frac{93}{6200}

STEP 7

Further simplify the tax rate by dividing both the numerator and the denominator by their greatest common divisor, if possible.
Tax rate=936200Tax\, rate = \frac{93}{6200}

STEP 8

Since 93 and 6200 do not have a common divisor other than 1, the tax rate remains the same.
Tax rate=936200Tax\, rate = \frac{93}{6200}

STEP 9

Now, use the tax rate to find the tax on a property assessed at \$930,000. We do this by multiplying the tax rate by the new assessed property value.
Tax on new property=Tax rate×New assessed property valueTax\, on\, new\, property = Tax\, rate \times New\, assessed\, property\, value

STEP 10

Plug in the values for the tax rate and the new assessed property value to calculate the tax on the new property.
Tax on new property=936200×$930,000Tax\, on\, new\, property = \frac{93}{6200} \times \$930,000

STEP 11

Perform the multiplication to find the tax on the new property.
Tax on new property=936200×930000Tax\, on\, new\, property = \frac{93}{6200} \times 930000

STEP 12

Simplify the multiplication by canceling out the common factors.
Tax on new property=93×9300006200Tax\, on\, new\, property = \frac{93 \times 930000}{6200}

STEP 13

Calculate the tax on the new property.
Tax on new property=93×9300006200Tax\, on\, new\, property = \frac{93 \times 930000}{6200}

STEP 14

Perform the division to find the tax on the new property.
Tax on new property=864900006200Tax\, on\, new\, property = \frac{86490000}{6200}

STEP 15

Divide to get the final tax amount.
Tax on new property=13950Tax\, on\, new\, property = 13950
The tax on a property assessed at \$930,000 would be \$13,950.

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