Question

you own a house and land with an assessed value of $55,580. every year, you pay a total of $2,834.58 in property taxes. what is your local property tax rate?
a. 0.051
b. 0.058
c. 0.019
d. 0.066
please select the best answer from the choices provided
a b c d

Explanation:

Step1: Recall the tax rate formula

The formula for tax rate \( r \) is \( r=\frac{\text{Tax Amount}}{\text{Assessed Value}} \).

Step2: Identify values

Tax Amount \( = \$2834.58 \), Assessed Value \( = \$55580 \).

Step3: Calculate the tax rate

Substitute the values into the formula: \( r = \frac{2834.58}{55580} \).
Performing the division: \( \frac{2834.58}{55580} \approx 0.051 \).

Answer:

a. 0.051