Let $x=\text{ the original value}$.
Let's translate: The taxes are \$60. This **is** 12% **of** the original value.
> 60 $\underbrace{\text{[ is ]}}_{\text{EQUALS}}$ 12 percent $\underbrace{\text{[ of ]}}_{\text{TIMES}}$ x $\ \ \ \longrightarrow \ \ \ $ $60 = 0.12 \cdot x$
Now solve for x.