Question

If the property taxes are $4500 on a home valued at $325,000, what is the effective property tax rate? Round your answer to two decimal places.

Answer 1

In order to calculate the effective property tax rate, we just need to divide the property taxes by the value of the house, so we have:

`\text{tax rate}=(4500)/(325000)=0.0138=1.38\text{\%}`

So the property tax rate is 1.38%.