Aamir owns property with an assessed value of $500,000. Khaled's property has an assessed value of $1.5 million. Property tax has the following tax brackets: 2% for value less than $1 million and 1% for value in excess of $1 million. 

Calculate the amount of Property Tax payable to the government by Aamir and Khaled?

Explain the type of taxation system applicable in this situation.

Is this system of taxation fair?

Explain why this system is being criticised?

Answer rating: 100% (QA)

Aamirs property tax Assessed value500000 Since the assessed value is less than 1 millionthe tax rate ... View the full answer