Get expert advice and insights on any topic with IDNLearn.com. Our platform provides trustworthy answers to help you make informed decisions quickly and easily.
Sagot :
To determine how much you should set aside each month to pay your property taxes at the end of the year, let's break down the calculation into clear steps:
1. Determine the annual property tax:
- Home value: [tex]$175,000 - Property tax rate: 1.5% First, convert the property tax rate from a percentage to a decimal by dividing by 100: \[ \text{Tax rate (decimal)} = \frac{1.5}{100} = 0.015 \] Next, calculate the annual property tax by multiplying the home value by the tax rate: \[ \text{Annual property tax} = \text{Home value} \times \text{Tax rate} = 175,000 \times 0.015 \] This gives us: \[ \text{Annual property tax} = 2,625 \] 2. Determine the monthly amount to set aside: Since the property taxes are due at the end of the year, you need to save a certain amount each month to have the total amount ready. There are 12 months in a year, so divide the annual property tax by 12: \[ \text{Monthly savings} = \frac{\text{Annual property tax}}{12} = \frac{2,625}{12} \] This gives us: \[ \text{Monthly savings} = 218.75 \] Therefore, each month, you should set aside $[/tex]218.75 to ensure you have the $2,625 needed to pay your annual property tax at the end of the year.
1. Determine the annual property tax:
- Home value: [tex]$175,000 - Property tax rate: 1.5% First, convert the property tax rate from a percentage to a decimal by dividing by 100: \[ \text{Tax rate (decimal)} = \frac{1.5}{100} = 0.015 \] Next, calculate the annual property tax by multiplying the home value by the tax rate: \[ \text{Annual property tax} = \text{Home value} \times \text{Tax rate} = 175,000 \times 0.015 \] This gives us: \[ \text{Annual property tax} = 2,625 \] 2. Determine the monthly amount to set aside: Since the property taxes are due at the end of the year, you need to save a certain amount each month to have the total amount ready. There are 12 months in a year, so divide the annual property tax by 12: \[ \text{Monthly savings} = \frac{\text{Annual property tax}}{12} = \frac{2,625}{12} \] This gives us: \[ \text{Monthly savings} = 218.75 \] Therefore, each month, you should set aside $[/tex]218.75 to ensure you have the $2,625 needed to pay your annual property tax at the end of the year.
Thank you for being part of this discussion. Keep exploring, asking questions, and sharing your insights with the community. Together, we can find the best solutions. Your questions find answers at IDNLearn.com. Thanks for visiting, and come back for more accurate and reliable solutions.