Question

Faduk took out a $275,000, 20-year mortgage at an APR of 4.1%. The assessed value of his house is $12,500. Keep in mind that the assessed value is the value used for property tax purposes, and not necessarily an indication of the market value. The annual property tax rate is 85.82% of the assessed value. What is the annual property tax?

423,600,500.00


$1,072,750.00


$10,727.50


$236,005.00

Answer 1

$236,005.00

Explanation:

Accesed value × property rate =annual property tax

$275,000×85.82%

275000× 85.82/100

275000×0.8582

= $ 236005.00

The annual property tax is $ 236005.00