Question

Four friends are grilling out and arguing about property taxes. The assessed value of Joe's home in Sussex County is $120,000. The market value of Darrick's home in Sussex County is the highest, but its assessed value is $115,000. Sal's home in New Castle County has an assessed value is $210,000. Barry moved to Kent County last year, and his property's assessed value is $198,000. Who has the lowest taxable amount?

Answer 1

Darrick has the lowest taxable amount due to his property's lowest assessed value of $115,000 among the four properties mentioned, assuming equal tax rates and no special exemptions.

Step-by-step explanation:

The student question asks about determining which of the four friends has the lowest taxable amount on their home. To determine this, one must consider the assessed value of each person's property. Local governments calculate property taxes based on these assessed values, not the market value. Given the assessed values of Joe ($120,000), Darrick ($115,000), Sal ($210,000), and Barry ($198,000), we identify that Darrick has the lowest assessed value at $115,000. Therefore, Darrick has the lowest taxable amount, assuming the tax rate is the same for all properties and there are no other individual exemptions or considerations.

To determine who has the lowest taxable amount, we compare the assessed values of each friend's property. Joe's property has an assessed value of $120,000, Darrick's property has an assessed value of $115,000, Sal's property has an assessed value of $210,000, and Barry's property has an assessed value of $198,000. Therefore, Darrick has the lowest taxable amount with an assessed value of $115,000.