You have a home with a market value of $144,700, which has an assessment value of 72% of that amount. your city has a property tax rate of 0.039. you know that 65% of your property tax dollars go to public schools. to the nearest dollar, how much of your taxes went to funding schools?

a. $4,063

b. $3,668

c. $2,641

d. $6,772

Question

Nathen Combs

Business

28 October, 07:11

You have a home with a market value of $144,700, which has an assessment value of 72% of that amount. your city has a property tax rate of 0.039. you know that 65% of your property tax dollars go to public schools. to the nearest dollar, how much of your taxes went to funding schools?

a. $4,063

b. $3,668

c. $2,641

d. $6,772

+1

Answers (1)

Know the Answer?

Heidi Rocha · Answer 1

The correct option is C: $2,641.

Solution:

Take your home market value and your assessment value to find the fair value.

144,700 *.72 = 104,184

Multiply that number by the city tax rate.

104,184 *.039 = 4,063.176

Now, multiply the 65% of tax dollars that go to public schools.

4,063.176 *.65 = 2,641

=> $2,641