If your state has a property tax rate of 0.056, and you pay $3,164.45 in property taxes every year, what is the assessed value of your property?
a.
$177,209
b.
$21,265
c.
$56,508
d.
$48,684
Let x be the assessed value of the property.
The property tax is calculated by multiplying the assessed value by the tax rate:
3,164.45 = x * 0.056
Solving for x:
x = 3,164.45 / 0.056
x ≈ $56,508
Therefore, the assessed value of the property is approximately $56,508.
The answer is c. $56,508.
To find the assessed value of your property, you can use the formula:
Assessed Value = Property Taxes Paid / Property Tax Rate
Given that the property tax rate is 0.056 and you pay $3,164.45 in property taxes every year, we can substitute these values into the formula:
Assessed Value = $3,164.45 / 0.056
Now we can calculate the assessed value:
Assessed Value ≈ $56,508.03
Therefore, the answer is c. $56,508.