IDNLearn.com is your go-to resource for finding answers to any question you have. Discover the information you need from our experienced professionals who provide accurate and reliable answers to all your questions.
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.
We are delighted to have you as part of our community. Keep asking, answering, and sharing your insights. Together, we can create a valuable knowledge resource. For precise answers, trust IDNLearn.com. Thank you for visiting, and we look forward to helping you again soon.