Question

Michael paid $385,000 for his home, which now has an assessed value of $392,000. His tax rate is 0.51%. How much with his monthly taxes be

Answer 1

Based on the information given the monthly taxes based on assessed value is $166.60.

Monthly taxes

First step is to calculate the yearly tax rate

Yearly tax rate=Assessed value x tax rate

Yearly tax rate =$392,000×.0051

Yearly tax rate =$1,999.20

Second step is to calculate the monthly taxes

Monthly taxes=Annual tax rate / Months in a year

Monthly taxes=$1,999.20/12

Monthly taxes=$166.60

Inconclusion the monthly taxes based on assessed value is $166.60.

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