The value of residential property for tax purposes is usually much lower than its actual market value. If v is the market value, the assessed value for real estate taxes might be only 40% of V. Suppose that the property tax, T, in a community is given by the function T-f(r, v, x)= 100(040v-x) where v is the depending on the type of property), and r is the tax rate (stated in dollars per hundred dollars) of net assessed value. estimated market value of a property (in dollars), x is a homeowner's exemption (a number of dollars
(a) Determine the real estate tax on a property valued at $200,000 with a homeowner's exemption of $5500, assuming a tax rate of $4.00 per hundred dollars of net assessed value. The real estate tax on the property is $
(b) Determine the tax due if the tax rate increases by 50% to $6 00 per hundred dollars of net assessed value Assume the same property value and homeowners exemption If the tax rate increases by 50%, the tax due on the property is s (Type an integer or a decimal.) Does the tax due also increase by 50%?
No Yes