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State real property taxState 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 Here is a calculator to get the property tax Need a Quick Answer to your Basic Mathematics Problems? Get an answer in 10 minutes or less from a math expert! Justanswer features top-notch math experts handpicked by personnel after they have taken and passed a rigourous math test and after their credentials have been verified by a third party
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