Question

in 2019, a house appraised at a value of 87,400. the property tax was $ 10,100. after some remodeling and improvements, the house appraised for $124,000 in 2020. the property tax rate is the same as it was in 2019. what will the new property tax be in 2020

Answer 1

$14,334.4 is the new property tax be in 2020.

Step-by-step explanation:

In 2019, a house appraised at a value of 87,400. the property tax was $ 10,100. After some remodeling and improvements, the house appraised for $124,000 in 2020. The property tax rate is the same as it was in 2019.

Initially, price of house is $87,400 and tax is $10,100. Let's find tax rate:

Suppose that tax rate is x% , So $\frac{87,400(x)}{100} = 10,100$

⇒$x = \frac{10,100(100)}{87,400}$

⇒$x = 11.56%$

∴Tax rate is 11.56%. Now in year 2020 house new value is $124,000. So,

Amount of property tax will be 11.56% of house value

= $\frac{124,000(11.56)}{100} =$ $ 14,334.4.

∴ $14,334.4 is the new property tax be in 2020.