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The assessed value of a house is $72,000. The assessed value is 60% of the market value of the house. If taxes are $3 for every $1,000 of the market value of the house, how much are the taxes on the house?

The assessed value of a house is $72,000. The assessed value is 60% of the market value of the house. If taxes are $3 for every $1,000 of the market value of the house, how much are the taxes on the house? Correct Answer $360

60% of market value = $72,000 So, 100% market value = $72,000 x 100 / 60 = $120,000 Tax amount = $120,000 / $1000 x $3 =  $360

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