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What about this: I own a house in a school district that has a yearly budget of $100 million. How much of the budget will be funded by property taxes if the amount funded by state sales tax is $15 million and state income tax will be three times the amount funded by property taxes?
by Diamond (53,882 points) | 58 views

1 Answer

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Let:    b, p, s, and i be the budget, property tax, sales tax and income tax respectively.

b = 100 million;        s = 15 million

b = p + s + i            (i)

i = 3p                        (i)

Substituting 3p for i in (ii) gives:

b = p + s + 3p

b = 4p + s

4p = b - s

p = (b - s)/4 = (100 - 15) million / 4 = 21.25 million

Therefore property tax = p = 21.25 million
by Diamond (37,239 points)

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