Question

5. Jim owns a farm that has been passed down through his family. The taxassessment on his farm is $399,000. The local tax rate is $6.01 per $100 of theassessment. What is Jim's annual property tax?

Answer 1

Given:

The assessment value = $399,000.

The local tax rate is $6.01 per $100 of the assessment.

Required:

We need to find the annual property tax.

Explanation:

$A\text{nnual property tax = }\frac{\text{\ 6.01}}{100}\times\text{the assessment value}$

$A\text{nnual property tax = }\frac{\text{\ 6.01}}{100}\times399000$

$A\text{nnual property tax = \ 23979.90.}$

Final answer:

$A\text{nnual property tax = \ 23,979.90.}$