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13 May, 08:59

Lorena and Julio purchased a home for $205,950. Their loan amount was $164,760, and the assessed value is now $201,500. Their tax rate is 0.63%. How much will their monthly taxes be?

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  1. 13 May, 09:02
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    Answer: $105.788

    Explanation: property tax amount is calculated by multiplying the assessed value by the tax rate.

    Tax rate = 0.63% = 0.0063

    Assessed value = $201,500

    Property tax = tax rate * assessed value

    Property tax = $201,500 * 0.0063

    Property tax = $1269.45

    Property tax is calculated on a yearly basis. Therefore,

    Monthly tax=$1269.45:12=$105.79
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Home » Business » Lorena and Julio purchased a home for $205,950. Their loan amount was $164,760, and the assessed value is now $201,500. Their tax rate is 0.63%. How much will their monthly taxes be?
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