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How much money will the owner of the home shown in the table have to pay in property taxes per year?

Real Estate Tax
\begin{tabular}{|l|r|}
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Property Tax Rate & [tex]$0.6\%$[/tex] \\
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Purchase Price & [tex]$\$[/tex]180,000[tex]$ \\
\hline
Market Value & $[/tex]\[tex]$210,000$[/tex] \\
\hline
\end{tabular}

[tex]$\$[/tex][?]$


Sagot :

To determine the amount of money the owner will have to pay in property taxes per year, we need to follow these steps:

1. Identify the property tax rate: The property tax rate is given as 0.6%.

2. Identify the market value of the property: The market value of the home in question is [tex]$210,000. 3. Convert the property tax rate to a decimal: - 0.6% as a decimal is \(0.6 \div 100 = 0.006\). 4. Calculate the annual property tax: - Multiply the market value by the decimal property tax rate. \[ \text{Property Tax} = \text{Market Value} \times \text{Property Tax Rate} \] \[ \text{Property Tax} = 210,000 \times 0.006 \] \[ \text{Property Tax} = 1,260 \] Therefore, the property tax the owner will have to pay per year is \$[/tex]1,260.