Question

i have a home with a market value of $144,700, which has an assessment value of 72% of that amount. my city has a property tax rate of 0.039. you know that 65% of your property tax dollars go to public schools. to the nearest dollar, how much of your taxes went to funding schools? $4,063 $3,668 $2,641 $6,772 please select the best answer from the choices provided a b c d

Explanation:

Step1: Calculate assessment value

The market value is $144,700, and the assessment value is 72% of that. So, assessment value = \( 144700 \times 0.72 \)
\( 144700 \times 0.72 = 104184 \)

Step2: Calculate property tax

The property tax rate is 0.039. So, property tax = assessment value × tax rate = \( 104184 \times 0.039 \)
\( 104184 \times 0.039 = 4063.176 \)

Step3: Calculate school funding

65% of the property tax goes to schools. So, school funding = property tax × 0.65 = \( 4063.176 \times 0.65 \)
\( 4063.176 \times 0.65 \approx 2641 \) (rounded to nearest dollar)

Answer:

C. $2,641