Answer:
the real estate taxes each month for the Nimby Hotel are approximately $46.63.
Step-by-step explanation:
To find the annual real estate tax on the Nimby Hotel, we need to follow these steps:
1. Calculate the assessed value of the hotel.
2. Use the rate of assessment to find the taxable value.
3. Calculate the annual real estate tax.
Let's calculate each step:
1. Assessed Value:
The market value of the Nimby Hotel is $675,000.
The rate of assessment is 40%.
Therefore, the assessed value is \(675,000 \times 0.40 = $270,000\).
2. Taxable Value:
The rate of assessment in Kamloops County is 45.51 mills.
1 mill is equal to 1/1000, so 45.51 mill is equal to 0.04551.
The taxable value is calculated as
[tex]\(270,000 \times 0.04551 = $12,292.70\).[/tex]
3. Annual Real Estate Tax:
The annual real estate tax is the taxable value multiplied by the rate of assessment.
Therefore, the annual real estate tax is
[tex]\(12,292.70 \times 0.04551 = $559.54\).[/tex]
So, the annual real estate tax on the Nimby Hotel is $559.54.
Now, to find the real estate taxes each month, we divide the annual tax by 12 (the number of months in a year):
[tex]\[ \frac{559.54}{12} \approx \$46.63 \][/tex]
Therefore, the real estate taxes each month for the Nimby Hotel are approximately $46.63.
