Real state property tax
Real state property tax is a tax you will pay if you own a house or a property.
You need to understand the following two definitions
Market value: The selling price of a property
Assessed value: The assessed value is a percent of the market value
The state uses the assessed value of the property to find out how tax you will pay
Consider the following example
A House has a market value of 220,000. The assessed value of the house is 70%. If the tax rate is $2 per $100, how much is the property tax?
Assessed value = Market value × rate of assessment = 220,000 × 0.70 = 154000
The assessed value in hundreds is 154000/100
The assessed value is 1540 dollars
Property tax = assessed value × tax rate = 1540 × 2 = 3080 dollars
Here is a calculator to get the property tax
Still struggling with fractions? Get rid of your fears and frustrations once and for all!
Buy my ebook. It offers a thorough coverage of fractions!

May 21, 17 09:19 PM
Sharpen your math skills by grade here with crystal clear lessons
Read More
New math lessons
Your email is safe with us. We will only use it to inform you about new math lessons.