# 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

Enter the market value of the property:      \$

Enter the assessed value of the property:   %

Enter the tax rate:                                            %

The property tax is :

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!

## Recent Articles

1. ### Average age word problem

Aug 09, 16 01:40 PM

Average age of Dipu and Apu is 22 years. Average age of Dipu and Tipu is 24 years. Age of Dipu is 21 years. What are the ages of Apu, and tipu ? Let