Question

Lorena and Julio purchased a home for $205,950. Their loan amount was $164,760, and the assessed value is now $200,500. Their tax rate is 1.5%. How much will their monthly taxes be?

Answer 1

Monthly taxes = $250.63 (Approx.)

Explanation:

Given:

Amount of purchase = $205,950

Loan amount = $164,760

Assessed value = $200,500

Tax rate is 1.5%

Find:

Monthly taxes

Computation:

Tax always calculated on Assessed value

Annual tax amount = 200,500 x 1.5%

Annual tax amount = 3,007.5

Monthly taxes = Annual tax amount / 12

Monthly taxes = 3,007.5 / 12

Monthly taxes = 250.625

Monthly taxes = $250.63 (Approx.)