Say that you pay property taxes of $2458.20 every year. If your state has a property tax rate of 0.082, what is the assessed value of your property?

Question

a.
$29,978
b.
$20,157
c.
$25,517
d.
$21,946

Answer 1

To calculate the assessed value of your property, divide the annual property taxes by the property tax rate:

Assessed value = Annual property taxes / Property tax rate

Assessed value = $2,458.20 / 0.082

Assessed value = $29,978.05

Therefore, the assessed value of your property is $29,978.

The correct answer is a. $29,978.