Find the assessed amount:
12000 x 0.80 = 9600
Multiply the assessed amount by tax rate:
9600 x 0.015 = 144
He pay $144
The amount of tax Mr smith pays if the tax rate is 1.5% of the assessed value will be $144.
The percentage is defined as a given amount in every hundred. It is a fraction with 100 as the denominator percentage is represented by the one symbol %.
The percentage has numerous applications in the real life for example in school marks, salary deduction, and all accounting.
The percentage is also called the indicating hundredths. Thus, 2% is two-hundredth, which means 1%=1/100=0.01.
Value of lot $12000
assessed amount:
12000 x 0.80 = $9600
The tax rate is 1.5% so the tax of the assessed amount will be
$9600 × 0.015 = $144 hence it will be the tax amount that Mr smith needs to pay.
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