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Answer :
Final answer:
The tax for Pete's $5,000,000 property is calculated by determining the property's assessed value of 35% of the market value, leading to $1,750,000. The tax is then calculated by dividing the assessed value by 1000 and multiplying by the tax rate of $105.11, resulting in property tax of $183,942.5.
Explanation:
To calculate Pete's property tax, you first need to find the assessed value of the property and then apply the tax rate. The assessed value is 35% of the market value which is $5,000,000. So, the assessed value is $5,000,000 * 0.35 = $1,750,000.
Next, we need to calculate the tax. The tax rate is $105.11 per thousand of assessed value. So, to find the tax we need to divide the assessed value by 1000 and then multiply by the tax rate. This is $1,750,000 / 1000 * $105.11 = $183,942.5.
So, the property tax is $183,942.5.
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