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tankabanditka [31]
1 year ago
12

8. Patrice and Don buy a home for $92,000. The property tax rate is$39.50 per $1,000 of assessed value. The assessment rate is 4

1%.How much is their property tax?9. Find Patrice and Don's effective tax rate. Use the informationin problem 8.
Mathematics
1 answer:
Kaylis [27]1 year ago
3 0

We start by calculating the assessed value, that is 41% of the price.

The price is $92,000.

Then, the assessed value is:

AV=a\cdot P=\frac{41}{100}\cdot92000=0.41\cdot92000=37720

The property tax rate is $39.50 per $1000 of assessed value, so we can express this rate as:

\text{tax rate}=\frac{39.50}{1000}=0.0395

We then can multiply this rate by the assessed value to calculate the total property tax:

\text{tax}=0.0395\cdot37720=1489.94

NOTE: we could have also multiplied 39.50 by 37.72. The value 37.72 is the thousands of dollars of assessed value. We would have obtained the same result: 39.50*37.72=1489.94.

Answer: the property tax is $1,489.94.

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