State real property tax

State real 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

State real property tax

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