A home is valued at $175,000. Property in the area is assessed at 35% of its value, and the local tax rate is $3.85 per $100. What is the amount of annual tax paid on the home?

174,000 * 0.35 = 60,900

(60,900 /100) * 3.85 = ?

$2,358.12

I get a little different answer.

I see what you did. The loan amount was $175,000, you used $174,000.

To determine the amount of annual tax paid on the home, we need to follow these steps:

Step 1: Calculate the assessed value of the home.
The assessed value of the home is 35% of its actual value.
Assessed value = 35% * $175,000
Assessed value = $61,250

Step 2: Calculate the tax base.
The tax base is the assessed value divided by $100.
Tax base = $61,250 / 100
Tax base = $612.5

Step 3: Calculate the annual tax amount.
The annual tax amount is calculated by multiplying the tax base by the local tax rate of $3.85 per $100.
Annual tax amount = $612.5 * $3.85
Annual tax amount = $2,361.88

Therefore, the amount of annual tax paid on the home is $2,361.88.