Question

3. Jesse wants to calculate his property tax on his family'svacation home. The market value on the property is $672,000.The assessment rate is 48%, and the property tax rate is $49.12per $1,000 of assessed value. Find Jesse's property tax.

Answer 1

The given information is:

- The market value of the property is $672,000.

- The assessment rate is 48%

- The property tax rate is $49.12/$1,000 of assessed value

To find the assessed value, we need to apply the following formula:

`Assessed\text{ }value=market\text{ }value*(\frac{assessment\text{ }rate}{100})`

By replacing the given values we obtain:

`\begin{gathered} Assessed\text{ }value=672,000*((48)/(100)) \\ Assessed\text{ }value=322,560 \end{gathered}`

Now that we have the assessed value, we multiply it by the property tax rate and we obtain:

`\begin{gathered} Property\text{ }tax=assessed\text{ }value* property\text{ }tax\text{ }rate \\ Property\text{ }tax=322,560*(49.12)/(1,000) \\ Property\text{ }tax=15,844.15 \end{gathered}`

Jesse's property tax is $15,844.15