Question

5. Jim owns a farm that has been passed down through his family. The taxassessment on his farm is $399,000. The local tax rate is $6.01 per $100 of theassessment. What is Jim's annual property tax?

Answer 1

Given:

The assessment value = $399,000.

The local tax rate is $6.01 per $100 of the assessment.

Required:

We need to find the annual property tax.

Step-by-step explanation:

`A\text{nnual property tax = }\frac{\text{\$6.01}}{100}*\text{the assessment value}`

`A\text{nnual property tax = }\frac{\text{\$6.01}}{100}*399000`

`A\text{nnual property tax = \$23979.90.}`

Final answer:

`A\text{nnual property tax = \$23,979.90.}`