Question

Assume that you pay $2,849. 84 in state property taxes every year. If your property has an assessed value of $41,302, what is your state’s property tax rate? a. 0. 077 b. 0. 032 c. 0. 014 d. 0. 69.

Answer 1

The property tax rate for the assessed property of $41,302 is 0.069.

The property tax is the value holding the property paid to the statement in the form of their charges or in the form of their state revenue.

Computation:

Given,

State property tax =$2849.84

The assessed value of property =$41,302

The tax rate is computed by dividing the tax amount by the actual value of the property.

$\begin{aligned}\text{Tax Rate}&=\dfrac{\text{State Property Tax}}{\text{Assessed Value}}\\\ &=\dfrac{\ 2,849.84}{\ 41,302}\\\ &=0.069\end{aligned}$

The tax rate upon which the property tax is paid is 0.069, that is option d. is correct.

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