Web Application Chapter 12 page 488

In 1959, William Larson borrowed $2500 to start Round Table Pizza. Today, the company generates revenues of more than $300 million. The Web site www.roundtablepizza.com contains information on Round Table Pizza's history from 1959 to the present.

Located on the home page is a Restaurant Locator icon. Clicking on this icon lets you enter a city and locate any one of the 500 Round Table restaurants in the western U.S.

No matter where a Round Table Pizza restaurant is located, property tax must be paid on the land and building. Use the information on page 489, in section 12.1 on your textbook to calculate the tax due in the following scenario.

Shalini Verma opened a Round Table Pizza franchise in Albany, New York.

1. If the property has an assessed value of $200,000, and the tax rate is 7.97% of the assessed value, what is the amount of tax due?

Step 1. Property tax = Assessed value X Tax rate
Step 2. Use the formula to calculate the property tax

2. What would the property tax be if the assessed value increased to $250,000, and the tax rate increased to 8.39%? Set up the problem as you did for question 1.

Show all work.

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