Certainly! Let's determine how much the homeowner will pay in property taxes per year based on the information provided in the table.
The pertinent details are as follows:
- Property Tax Rate: 1.4% (or [tex]\(0.014\)[/tex] in decimal form)
- Market Value: \[tex]$190,000
We'll use the market value of the property to calculate the annual property tax. The formula to calculate the property tax is:
\[ \text{Property Taxes} = \text{Property Tax Rate} \times \text{Market Value} \]
Step-by-step:
1. Convert the Property Tax Rate to Decimal Form:
The property tax rate given is 1.4%. Converting this to decimal form:
\[ 1.4\% = 0.014 \]
2. Multiply the Tax Rate by the Market Value:
Now, multiply the decimal tax rate by the market value of the property:
\[ 0.014 \times 190,000 = 2,660 \]
Therefore, the homeowner will have to pay \$[/tex]2,660 in property taxes each year.
