In Phoenix, the tax on a property assessed at \( \$ 540,000 \) is \( \$ 12,420 \). If tax rates are proportional in this city, how much would the tax be on a property assessed at \( \$ 380,000 \) ? Answer: \( \$ \)

To determine the property tax on a \( \$380,000 \) assessed property in Phoenix, where the tax rates are proportional, follow these steps: 1. **Calculate the Tax Rate:** Given: \[ \text{Tax} = \$12,420 \quad \text{on} \quad \text{Assessed Value} = \$540,000 \] \[ \text{Tax Rate} = \frac{\text{Tax}}{\text{Assessed Value}} = \frac{12,420}{540,000} = 0.023 \, \text{or} \, 2.3\% \] 2. **Apply the Tax Rate to the New Assessed Value:** \[ \text{Tax on } \$380,000 = 0.023 \times 380,000 = 8,740 \] \[ \boxed{\$8,\!740} \]