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Compute the tax on real property valued

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Reference no: EM133141402

Question - The city of Springvale levies a tax on the value of real property located within its city limits. The tax equals 2 percent of the property's assessed value up to $500,000 plus 4 percent of the value in excess of $500,000.

Required -

1. Compute the tax on real property valued at $492,000.

2. Compute the tax on real property valued at $802,500.

Reference no: EM133141402

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