Question

Mrs. Jimenz owns a house and lot worth 5,000 000 and a commercial lot work 8,000,000 she pays 2% real property tax anually. How much tax does she pay in a year?

Answer 1

The total value of the house and lot and the commercial lot is 5,000,000 + 8,000,000 = 13,000,000

To calculate the annual property tax, we multiply the total value of the properties by the tax rate (expressed as a decimal):

Tax = 13,000,000 x 0.02 = 260,000

So, Mrs. Jimenez pays 260,000 in property tax annually.

Explanation: