Assume that you pay $2,849.84 in state property taxes every year. If your property has an assessed value of $41,302, what is your state’s property tax rate?

Question

a.
0.077
b.
0.032
c.
0.014
d.
0.069

Answer 1

To find the state's property tax rate, we divide the amount paid in state property taxes by the assessed property value:

Property tax rate = Amount paid in state property taxes / Assessed property value

Property tax rate = $2,849.84 / $41,302

Property tax rate ≈ 0.0689

Rounded to three decimal places, the state's property tax rate is approximately 0.069.

Therefore, the correct answer is d. 0.069.