Answer: Joe's property tax bill is based on the assessed value of the house, not the purchase price.
To calculate his annual property tax bill, we first need to calculate the assessed value of the house that will be used to determine the tax. The assessed value is given as $280,000.
The annual property tax bill is then calculated as follows:
Tax bill = assessed value x tax rate
Tax bill = $280,000 x 0.029
Tax bill = $8,120
Therefore, Joe's annual property tax bill for this house is $8,120.