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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?

Sagot :

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:

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

[tex]A\text{nnual property tax = }\frac{\text{\$6.01}}{100}\times399000[/tex]

[tex]A\text{nnual property tax = \$23979.90.}[/tex]

Final answer:

[tex]A\text{nnual property tax = \$23,979.90.}[/tex]

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