To Find the Tax Amount when Worth and Tax Rate % are given (WP-8 Property Tax)

Q. Calculate the amount of property tax of a house at the rate of 2%. The value of the house is Rs. 1,450,000.

Given:

Worth of the House = Rs.1,450,000

Tax rate = 2%

To Find:

Property tax (Tax Amount) = ?

Solution:

The Formula for Property Tax is

Property tax (Tax Amount) = 2% of Rs. 1,450,000

Property tax (Tax Amount) =`{\frac2{100}}`  x Rs. 1,450,000

Property tax (Tax Amount) = Rs.29,000
Thus, Rs.29,000 property tax will be paid by the buyer on a property of Rs.1,450,000 at a rate of 2 %.

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