Question

You have a home with a market value of $144,700, which has an assessment value of 72% of that amount. Your city has a property tax rate of 0.039. You know that 65% of your property tax dollars go to public schools. To the nearest dollar, how much of your taxes went to funding schools?
a.
$4,063
b.
$3,668
c.
$2,641
d.
$6,772

Answer 1

Assessed value = 0.72 × 144,700 = 104,184.
Total tax = 0.039 × 104,184 = 4,063.176.
Amount to schools = 0.65 × 4,063.176 ≈ 2,641.06 → $2,641.

Answer: c. $2,641