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Answer :
Final answer:
To calculate the property tax, multiply the market value by the assessment rate to get the assessed value, then multiply the assessed value by the tax rate.
Explanation:
To calculate the property tax on a property, we multiply its market value by the assessment rate to get the assessed value. In this case, the assessed value would be 37% of $145,000, which is $53,650. Using the property tax rate of $62.50 per $1000 of assessed value, we can calculate the property tax by dividing the assessed value by 1000, then multiplying by the tax rate. So, the property tax would be ($53,650 / 1000) * $62.50 = $3353.13.
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Final answer:
The property tax on a property worth $145,000 with an assessment rate of 37% and a tax rate of $62.50 per $1,000 of assessed value is $3,353.13.
Explanation:
Calculating Property Tax
To calculate the property tax on a property with a market value of $145,000, follow these steps:
Assess the property's value: Multiply the market value of the property ($145,000) by the assessment rate (37%) to find the assessed value.
Calculate the property tax: Divide the assessed value by $1,000 to determine how many units of $1,000 it contains, then multiply by the property tax rate ($62.50).
The calculation is as follows:
Assessed Value = Market Value × Assessment Rate
Assessed Value = $145,000 × 0.37 = $53,650
Units of $1,000 in Assessed Value = Assessed Value / $1,000
Units of $1,000 in Assessed Value = $53,650 / $1,000 = 53.65
Property Tax = Units of $1,000 × Property Tax Rate
Property Tax = 53.65 × $62.50 = $3,353.13
Therefore, the property tax is $3,353.13.
