Assessment value = 72% of $144,700 = $104,184
Property tax = assessment value * property tax rate = $104,184 * 0.039 = $4,063.976
Amount going to public schools = 65% of property tax = $4,063.976 * 0.65 ≈ $2,641.58
To the nearest dollar, $2,642
Therefore, the correct answer is c. $2,641.
You have a home with a market value of $144,700, which has an assessment value of 72% of that amount. Your city has a property tax rate of 0.039. You know that 65% of your property tax dollars go to public schools. To the nearest dollar, how much of your taxes went to funding schools?
a.
$4,063
b.
$3,668
c.
$2,641
d.
$6,772
1 answer