Question

50 POINTS

The Jordans are considering buying a house with a market value of $250,000. The assessed value of the house is a dollars. The annual property tax is $2.45 per $100 of assessed value. What is the property tax on this house?

Answer 1

$4,593.75

Explanation:

To find the property tax on the house, we need to first determine the assessed value of the house.

If the market value of the house is $250,000, and the assessed value is a dollars, then we can set up the following equation:

a = 0.75 x 250,000

where 0.75 represents the assessment rate, which is typically a percentage of the market value used to determine the assessed value for tax purposes.

Simplifying the equation, we get:

a = 187,500

Therefore, the assessed value of the house is $187,500.

To find the property tax, we can use the given tax rate of $2.45 per $100 of assessed value.

First, we need to convert the assessed value from dollars to hundreds of dollars, which we can do by dividing by 100:

187,500 / 100 = 1,875

Next, we can multiply the assessed value in hundreds of dollars by the tax rate per hundred dollars:

1,875 x 2.45 = 4,593.75

Therefore, the property tax on the house is $4,593.75.

Answer 2

To find the property tax on the house, we need to calculate the assessed value and then multiply it by the property tax rate.

The property tax rate is $2.45 per $100 of assessed value, which can be written as 0.0245 (since $2.45 divided by $100 is 0.0245).

To calculate the assessed value, we need to find the assessed value as a percentage of the market value. Let's assume the assessed value is x.

x/100 * $250,000 = $a

We don't have the value of 'a,' so we can't directly calculate the assessed value.

Could you please provide the value of 'a' (the assessed value) so that we can calculate the property tax on the house?

~~~Harsha~~~