You own a house and land with an assessed value of $55,580. Every year, you pay a total of $2,834.58 in property taxes. What is your local property tax rate?
a.
0.051
b.
0.058
c.
0.019
d.
0.066
To find the local property tax rate, divide the total property taxes paid ($2,834.58) by the assessed value of the property ($55,580):
Property tax rate = Total property taxes paid / Assessed value
= $2,834.58 / $55,580
Using a calculator, the property tax rate is approximately 0.051 (rounded to three decimal places).
Therefore, the correct answer is option a. 0.051.
To calculate the local property tax rate, you need to divide the total property taxes paid by the assessed value of the property.
Property Tax Rate = Total Property Taxes / Assessed Value
Property Tax Rate = $2,834.58 / $55,580
Property Tax Rate ≈ 0.051
Therefore, the local property tax rate is approximately 0.051.
The correct answer is option a. 0.051.