Sure, here is a detailed, step-by-step solution for calculating the property tax on a home appraised at [tex]$290,000 given the property tax on a $[/tex]200,000 home is [tex]$4,800.
### Step 1: Determine the Property Tax Rate
First, we need to find the property tax rate per dollar of home value. We know the property tax on a $[/tex]200,000 home is [tex]$4,800.
To find the tax rate, we use the formula:
\[ \text{Tax Rate} = \frac{\text{Property Tax}}{\text{Home Value}} \]
Substituting the given values:
\[ \text{Tax Rate} = \frac{4800}{200000} \]
\[ \text{Tax Rate} = 0.024 \]
Thus, the property tax rate is 0.024 per dollar of home value.
### Step 2: Calculate the Property Tax for the $[/tex]290,000 Home
Now that we know the tax rate, we can use it to calculate the property tax for a home appraised at [tex]$290,000.
We use the formula:
\[ \text{Property Tax for } \$[/tex]290,000 = \text{Tax Rate} \times \text{Home Value} \]
Substituting the known values:
[tex]\[ \text{Property Tax for } \$290,000 = 0.024 \times 290000 \][/tex]
Multiplying these values gives:
[tex]\[ \text{Property Tax for } \$290,000 = 6960 \][/tex]
### Conclusion
Therefore, the property tax on a home appraised at [tex]$290,000 is $[/tex]6,960.
