Question

The tax rate on Jerome James 112000 vacation home is 25 Mills the property is assessed at full value how much will Jerome pay in taxes this year

Answer 1

Answer: $2,800

Explanation:

Given: The assessment value of Jerome's home=
`$112,000`

We know that to calculate the property tax, we need to multiply the assessment value of the property by the mill rate and then divide by 1,000.

Then, the property tax is given by :-

`\text{Property tax}=(\$112,000*25)/(100)\\\\\Rightarrow=\text{Property tax}=\$2,800`

Therefore, Jerome pay $2,800 as property tax in this year.

Answer 2

`Property tax=$2800`

Explanation:

Given: The assessment value of Jerome's home is given as =
`112000`

Solution: Since we know that in order to calculate the property tax, we need to multiply the assessment value of the property by the mill rate and also divide by
`1000`.

Then, the property tax is given as :-

`Property tax=\frac{112000{*}25}{100}`

`Property tax=$2800`

Thus, Jerome pay $2,800 as property tax in this year.