You own a house and land with an assessed value of $55,580. Every year, you pay a total of $2,834.58 in property taxes. What is your local property tax rate?

Question

a.
0.051
b.
0.058
c.
0.019
d.
0.066

Answer 1

To find the local property tax rate, divide the total property taxes paid ($2,834.58) by the assessed value of the property ($55,580):

Property tax rate = Total property taxes paid / Assessed value
= $2,834.58 / $55,580

Using a calculator, the property tax rate is approximately 0.051 (rounded to three decimal places).

Therefore, the correct answer is option a. 0.051.