Assume that you pay $2,849.84 in state property taxes every year. If your property has an assessed value of $41,302, what is your state’s property tax rate?
a.
0.077
b.
0.032
c.
0.014
d.
0.069
To find the state's property tax rate, we divide the amount paid in state property taxes by the assessed property value:
Property tax rate = Amount paid in state property taxes / Assessed property value
Property tax rate = $2,849.84 / $41,302
Property tax rate ≈ 0.0689
Rounded to three decimal places, the state's property tax rate is approximately 0.069.
Therefore, the correct answer is d. 0.069.
To find the state's property tax rate, divide the amount paid in state property taxes by the assessed value of the property:
Property tax rate = amount paid in state property taxes / assessed value of the property
Property tax rate = $2,849.84 / $41,302
Property tax rate ≈ 0.0689
Therefore, the state's property tax rate is approximately 0.069.
The correct answer is d. 0.069.