Question

You own a house and land with an assessed value of $55,580. Every year, you pay a total of $2,834. 58 in property taxes. What is your local property tax rate?.

Answer 1

The local property tax rate for the house and land is 5.1%.

Step-by-step explanation:

To find the local property tax rate, we need to divide the total amount of property taxes paid each year by the assessed value of the house and land. In this case, the local property tax rate is $2,834.58 / $55,580 = 0.051, or 5.1%.