To determine the amount of tax owed on a property valued at [tex]$120,000.00, we need to follow these steps:
1. Calculate the Assessed Value:
The property value is assessed at 15%, so we need to find 15% of $[/tex]120,000.00.
[tex]\[
\text{Assessed Value} = \text{Property Value} \times \text{Assessment Rate}
\][/tex]
[tex]\[
\text{Assessed Value} = \$120,000.00 \times 0.15
\][/tex]
[tex]\[
\text{Assessed Value} = \$18,000.00
\][/tex]
2. Convert the Tax Rate to a Decimal:
The tax rate is given as [tex]$14.00 per hundred dollars. To work with this in calculation, we convert it to a decimal form by dividing by 100.
\[
\text{Tax Rate} = \frac{14.00}{100}
\]
\[
\text{Tax Rate} = 0.14
\]
3. Calculate the Tax Owed:
Finally, we multiply the assessed value by the tax rate to find the tax owed.
\[
\text{Tax Owed} = \text{Assessed Value} \times \text{Tax Rate}
\]
\[
\text{Tax Owed} = \$[/tex]18,000.00 \times 0.14
\]
[tex]\[
\text{Tax Owed} = \$2,520.00
\][/tex]
Therefore, the amount of tax owed is $2,520.00.
