Question

The market value of a property is$140,000. The owners pay $144.375 in monthly property taxes, or $2.75 per $100. What is the assessment rate?

A. 45 mills
B. 4.5%
C. 45%
D. 0.45%

Answer 1

The assessment rate cannot be determined based on the given information.

Step-by-step explanation:

To find the assessment rate, we can start by converting the property taxes paid into the total market value of the property. The owners pay $2.75 per $100, so we can divide $144.375 by $2.75 to find the total value of the property. This gives us $5250. We can then divide the market value of the property ($140,000) by the total value ($5250) to find the assessment rate. This gives us approximately 0.027 or 2.7%.

Therefore, the assessment rate is not one of the options provided. The correct answer would be none of the above.