If your state has a property tax rate of 0.056, and you pay $3,164.45 in property taxes every year, what is the assessed value of your property?

Question

a.
$177,209
b.
$21,265
c.
$56,508
d.
$48,684

Answer 1

Let x be the assessed value of the property.

The property tax is calculated by multiplying the assessed value by the tax rate:
3,164.45 = x * 0.056

Solving for x:
x = 3,164.45 / 0.056

x ≈ $56,508

Therefore, the assessed value of the property is approximately $56,508.

The answer is c. $56,508.