Answer and Explanation:
The computation is shown below:
a For residential
= Purchase price of the building × tax rate
= $1,000,000 × 0.3636
= $36,360
b. For non-residential
= Purchase price of the building × tax rate
= $1,000,000 × 0.2564
= $25,640
We simply applied the above formula so that the correct value could come
And, the same is to be considered
