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
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.
To find out how much of your taxes went to funding schools, follow these steps:
Step 1: Calculate the assessment value of your home.
The assessment value is 72% of the market value, so:
Assessment Value = 72% of $144,700
Assessment Value = 0.72 * $144,700
Assessment Value = $104,184
Step 2: Calculate your property tax.
Property Tax = Assessment Value * Property Tax Rate
Property Tax = $104,184 * 0.039
Property Tax = $4,061.376
Step 3: Calculate how much of your taxes goes to funding schools.
School Funding = Property Tax * 65%
School Funding = $4,061.376 * 65%
School Funding = $2,641.2544
To the nearest dollar, the answer is c. $2,641.
Thus, approximately $2,641 of your taxes went to funding schools.