Question

If you own a home with an assessed value of $853,400 in the state of New Jersey, which has a 2.4% property tax, what would be your yearly property taxes for your home?

Option 1: $20,561.60
Option 2: $19,800.00
Option 3: $21,100.00
Option 4: $22,000.60

Answer 1

To calculate the yearly property taxes for a home in New Jersey, multiply the assessed value by the property tax rate of 2.4%.

Step-by-step explanation:

To calculate the yearly property taxes for a home in New Jersey, you can multiply the assessed value of the home by the property tax rate. In this case, the assessed value of the home is $853,400 and the property tax rate is 2.4%.

First, convert the percentage to decimal form by dividing it by 100: 2.4/100 = 0.024.

Then, multiply the assessed value by the decimal form of the tax rate: $853,400 x 0.024 = $20,561.60.

Therefore, the correct answer is Option 1: $20,561.60.