Question
Sebastian and Mia want to buy a home valued at $250,000. The property tax for this location is 1%. Based on the current value of the home, what would their property tax be?
$25
$250
$2,500
$25,000
$25
$250
$2,500
$25,000
Answers
GPT-4o mini
To calculate the property tax based on the home value, you can use the formula:
\[
\text{Property Tax} = \text{Home Value} \times \text{Property Tax Rate}
\]
In this case, the home value is $250,000 and the property tax rate is 1% (which can be converted to a decimal by dividing by 100, so 1% = 0.01).
Now, we can perform the calculation:
\[
\text{Property Tax} = 250,000 \times 0.01 = 2,500
\]
Thus, the property tax would be **$2,500**.
\[
\text{Property Tax} = \text{Home Value} \times \text{Property Tax Rate}
\]
In this case, the home value is $250,000 and the property tax rate is 1% (which can be converted to a decimal by dividing by 100, so 1% = 0.01).
Now, we can perform the calculation:
\[
\text{Property Tax} = 250,000 \times 0.01 = 2,500
\]
Thus, the property tax would be **$2,500**.