Final answer:
To calculate the property tax for the property, multiply the assessed value by the property tax rate. In this case, the property tax would be $1,075.55.
Step-by-step explanation:
The question involves calculating the property tax for a property with an assessed value of $219,500 and a property tax rate of 0.49%. It also touches on the concept of the annual rate of inflation, which is given as 3%. Property taxes are a primary source of revenue for local governments and are levied based on the assessed value of the property. The tax is collected in lump sums, which can be quite substantial, making it unpopular among taxpayers.
To calculate the property tax for the property, we need to multiply the assessed value of the property by the property tax rate. In this case, the assessed value is $219,500 and the property tax rate is 0.49%. So, the property tax would be calculated as follows:
Property Tax = Assessed Value x Tax Rate
Property Tax = $219,500 x 0.49% = $1,075.55