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?
a.
$29,978
b.
$20,157
c.
$25,517
d.
$21,946
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.
To find the assessed value of your property, we can use the formula:
Assessed Value = Property Tax / Tax Rate
Plugging in the given values:
Assessed Value = $2458.20 / 0.082
Assessed Value ≈ $29,975.61
Therefore, the assessed value of your property is approximately $29,978.
So, the answer is option a) $29,978.