Question

If you have a home with an assessed value of $784,345, what is the difference in what you would pay in taxes in new jersey, which has a 2.4% property tax, and hawaii, which has a 0.27% property tax?

$35,530.83
$18,824.28
$16,706.55
$2,117.73

Answer 1

The difference in what you would pay in taxes is $16,706.55

How to determine the difference in tax?

The given parameters are:

• Assessed value = $784,345
• Tax in New Jersey = 2.4%
• Tax in Hawaii = 0.27%

The difference in tax is:

Difference = 2.4% - 0.27%

Evaluate

Difference = 2.13%

The amount is then calculated as:

Amount = 2.13% *  $784,345

Evaluate

Amount = $16,706.55

Hence, the difference is $16,706.55

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