Question

Two years ago, Elena purchased a condo. She has made some improvements on it, which increased the value of the property. Property tax in her community is 1.25%.

This table shows the value of Elena’s condo over the last three years.

Value of property at purchase Value of property last year Value of property today
$187,200 $188,550 $190,000
What can she expect to pay in property tax this year?

$2,340.00
$2,356.88
$2,375.00
$2,382.88

Answer 1

Property tax = 1.25% of $190,000 = 0.0125 × 190,000 = $2,375.00.

So she can expect to pay $2,375.00.