Question

A home is listed at $525,000 but is only appraised at $490,000. How much are annual property taxes, based on $3.00 per $100 valuation?

Answer 1

To find the annual property taxes for a home appraised at $490,000 with a tax rate of $3.00 per $100 of valuation, you divide the appraisal value by 100 and multiply by the tax rate yielding $14,700 in annual property taxes.

Step-by-step explanation:

The question asks to calculate the annual property taxes for a home that is appraised at $490,000, with a tax rate of $3.00 per $100 of valuation. To calculate the taxes, the appraised value of the property is divided by 100 (since the rate is per $100 valuation), and then multiplied by the tax rate:

• First, find the value per $100: $490,000 / 100 = $4,900.
• Next, multiply the per $100 value by the tax rate: $4,900 * $3 = $14,700.

Therefore, the annual property taxes would be $14,700.

Answer 2

To calculate the property taxes, divide the appraised value of $490,000 by 100 and multiply by the tax rate of $3.00 per $100 valuation, resulting in annual property taxes of $14,700.

Step-by-step explanation:

To calculate the annual property taxes based on the appraised value of the home and the tax rate, follow these steps:

1. First, determine the appraised value of the home, which in this case is $490,000.
2. Next, find the taxation rate, which is $3.00 per $100 of valuation.
3. Then, divide the appraised value by 100 to find how many units of $100 are in the appraised value. $490,000 ÷ 100 = 4,900 units.
4. Finally, multiply the number of units by the tax rate to find the total tax owed. 4,900 units × $3.00 = $14,700.

Therefore, the annual property taxes for the home would be $14,700.