Question

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 41%.How much is their property tax?

Answer 1

Give

Patrice and Done $92,000

39.50 per 1,000 of assessed value

41% of the assessment

Procedure

First let's calculate the assessment percentage.

92,000*41% = $37,720

Now let's calculate the tax percentage.

$37,720*39,50/1000 = 1489.94

The amount of taxes due on the property is equal to $1,489.94.