Problem 01-05 (Static) [LO 1-2, 1-3] The city of Springvale levies a tax on the value of real property located within its city limits. The tax equals 2 percent of the property's assessed value up to $500,000 plus 4 percent of the value in excess of $500,000. Required: a. Compute the tax on real property valued at $415,000. b. Compute the tax on real property valued at $725,000. Complete this question by entering your answers in the tabs below. Required A Required B Compute the tax on real property valued at $725,000. Tax on real property Problem 01-05 (Static) [LO 1-2, 1-3] The city of Springvale levies a tax on the value of real property located within its city limits. The tax equals 2 percent of the property's assessed value up to $500,000 plus 4 percent of the value in excess of $500,000. Required: a. Compute the tax on real property valued at $415,000. b. Compute the tax on real property valued at $725,000. Complete this question by entering your answers in the tabs below. Required A Required B Compute the tax on real property valued at $415,000. Tax on real property $ 8,300