To Find the Tax Amount when Worth and Tax Rate % are given (WP-1 Property Tax)

Q. Find the property tax on a property of Rs.6,200,000 at the rate of 0.8%.

Given:

Worth of the property = Rs.6,200,000 

Tax rate = 0.8% 

To Find:

Property tax (Tax Amount) = ? 

Solution:

The Formula for Property Tax is 

Property tax (Tax Amount) = 0.8% of Rs.6,200,000

Property tax (Tax Amount) = Rs.`{\frac0.8{100}}` x 6,200,000

= Rs.49,600

Thus, Rs.49,600 property tax will be paid by the buyer on a property of Rs.6,200,000 at a rate of 0.8 %.

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