The taxes on a property are $960 and the rate is $4 for every $100 of assessed value. What is the assessed value of the property?

To determine the assessed value of the property, you can use the relationship between property taxes, the tax rate, and the assessed value. The property tax amount is calculated using this formula:

Property Tax = (Assessed Value / 100) x Tax Rate.

Here, you know the property tax is $960, and the tax rate is $4 per $100 of assessed value. First, convert the tax rate into a decimal for easier calculations:

Tax Rate = 4 / 100 = 0.04.

Now, substitute the known values into the tax formula:

960 = (Assessed Value / 100) x 4.

To isolate the assessed value, first divide both sides by 4:

240 = Assessed Value / 100.

Next, multiply both sides by 100 to solve for the assessed value:

Assessed Value = 240 x 100 = 24,000.

Thus, the assessed value of the property is $24,000, confirming that this is the correct answer. This method clearly demonstrates how the tax amount relates to the assessed value through the given tax rate.