Final answer:
The homeowner in Dallas, Texas with a house price of $405,000 and a property tax rate of 3% will pay a property tax of $12,150. This calculation is based on multiplying the house price by the tax rate and reflects how property taxes are an ongoing expense for homeowners.
Step-by-step explanation:
To calculate the property tax the homeowner must pay on a house in Dallas, Texas with a median price of $405,000 and a property tax rate of 3%, you can use the following formula:
Property Tax = Median House Price x Property Tax Rate
In this scenario, Property Tax = $405,000 x 0.03, which equals $12,150. Therefore, the homeowner will pay $12,150 in property tax, which corresponds to option A in the multiple-choice answers provided.
It is important to understand how property taxes can influence overall housing costs. While housing prices have generally increased over time, property taxes are an ongoing expense for homeowners and can vary widely depending on location. The median sales price for an existing one-family home in the U.S. rose from $122,900 in 1990 to $232,000 at the end of December 2016, reflecting an average yearly increase of approximately 3.1%. This trend of appreciation can impact the tax liabilities associated with property ownership.
Therefore, the correct answar is A) $12,150