Practice Quiz

ICE Special Agent Exam Prep

Category - Mathematics - Medium

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The town of Mayville taxes property at a rate of $42 for each $1,000 of estimated value. What is the estimated value of a property on which the owner owes $5,250 in property tax?

  1. $42,000
  2. $47,250
  3. $125,000
  4. $220,500
  5. $5,250,000
Explanation

Answer: C - A property with a tax of $5,250 would be valued at $125,000. This can be solved with a ratio, in which $5,250 is 0.42% of the total estimated value of the property. This is calculated directly from the tax rate, which is $42/$1000, or a rate of 0.042. 

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