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!

If you don't know fractions very well, you will probably struggle to do well on most math test. Build a strong foundation in math today before it is too late!

Buy my ebook. It offers a thorough coverage of fractions!
Fractions ebook cover

Recent Articles

  1. Irrational Root Theorem - Definition and Examples

    Dec 01, 21 04:17 AM

    What is the irrational root theorem? Definition, explanation, and easy to follow examples.

    Read More

Enjoy this page? Please pay it forward. Here's how...

Would you prefer to share this page with others by linking to it?

  1. Click on the HTML link code below.
  2. Copy and paste it, adding a note of your own, into your blog, a Web page, forums, a blog comment, your Facebook account, or anywhere that someone would find this page valuable.