Question

Say that you own property with a market price of $74,000. The state tax assessors have given it an assessed value of 48% of that amount. If your state’s property tax rate is 0.031, how much do you owe in property tax, to the nearest dollar?
a.
$1,101
b.
$2,294
c.
$35,520
d.
$1,193

Answer 1

Assessed value = 0.48 × $74,000 = $35,520.
Tax = $35,520 × 0.031 = $1,101.12 ≈ $1,101.

Answer: a. $1,101