Question

Say that you own property with a market price of $74,000. The state tax assessors have given it an assessed value of 48% of that amount. If your state’s property tax rate is 0.031, how much do you owe in property tax, to the nearest dollar? a. $1,101 b. $2,294 c. $35,520 d. $1,193

Answer 1

Answer:

A

Step-by-step explanation:

74,000 x .48 = 35520. 35520 is the amount of property you have to pay for.

35520 x 0.031 = 1,101.12.  1.101.12 is the amount you owe in property tax.

Answer 2

The amount owed in property tax to the nearest dollar is $1,101

What is the market price of a property?

In real estate management, the market price is the price at which a buyer is willing to pay and which the seller is as agreed to receive at the present time.

From the parameters given:

• The market price = $74000
• The state tax on the property = 48% = 0.48

From the property, the required amount of property to be paid for is:

= $74000 × 0.48

= $35520

If the state property tax rate is 0.31, the amount owe in property tax is:

= $35520 × 0.031

= $1,101

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