​Forestville has a total assessed valuation of $340,000,000. The amount to be raised by taxation is $6,290,000. A building in Forestville has an assessed valuation of $120,000. Compute the amount of taxes the building owner will pay.

Taxation

The imposition of compulsory levies on individuals or entities by governments to fund public expenditures.

Market Value

The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm's length transaction.