The calculated property tax for a home worth $350,000 with a tax rate of 5% is $17,500.
To calculate the property tax, we first need to know the assessed value of the home. The assessed value is usually a percentage of the home's market value, which is determined by the local tax assessor. Let's assume that the assessed value is equal to the market value in this case, which is $350,000.
Next, we need to know the property tax rate.
The property tax rate is a percentage of the assessed value that is used to calculate the property tax bill. In this case, the property tax rate is 5%.
To calculate the property tax, we simply multiply the assessed value of the home by the property tax rate. So, in this case, the property tax would be:
$350,000 (assessed value) x 5% (property tax rate) = $17,500
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What is the calculated property tax for a home worth $350,000 with a tax rate of 5%?