Final answer:
To calculate the property tax on Christine and Gene's home, multiply the tax rate of 0.0175 (converted from $17.50 per $1,000) by the assessed value of $230,000. The annual property tax on their home would be $4,025.
Step-by-step explanation:
The student is asking how to calculate the property tax on Christine and Gene's home. To calculate this, you need to use the assessed value of the property and the property tax rate. Here is the step-by-step calculation:
- Property tax rate = $17.50 per $1,000 of assessed value.
- Assessed value of the home = $230,000.
- To find the property tax, convert the tax rate to a decimal by dividing by 1,000, resulting in 0.0175 ($17.50 / $1,000).
- Multiply the resulting decimal by the assessed value: Property tax = 0.0175 * $230,000.
The calculation is:
Property tax = 0.0175 * $230,000 = $4,025
Therefore, the annual property tax on their home is $4,025.