Question

If you paid $1,800.00 in property taxes on a house appraised at $99,500.00, what is the property tax rate in your neighborhood?

a) 1.81%
b) 1.91%
c) 2.82%
d) 3.06%

Answer 1

The property tax rate is calculated by dividing the taxes paid by the property value and then converting to a percentage. The calculated rate is approximately 1.81%, which corresponds to option a).

Step-by-step explanation:

To calculate the property tax rate, you divide the amount paid in taxes by the appraised value of the property and then multiply by 100 to get a percentage. In this case:

$1,800.00 ÷ $99,500.00 = 0.0180854271
0.0180854271 × 100 = 1.80854271%

When rounded to two decimal places, the property tax rate is approximately 1.81%. Therefore, the correct answer to the question is option a) 1.81%.