Question

1. the market value of karas home is $320,000. the assessment rate is 51.5%. the local property tax rate is $50.00 per $1,000 of assessed value. what is karas property tax?

$7,646
$8,000
$8,240
$8,864

Explanation:

Step1: Calculate assessed value

Assessed value = Market value × Assessment rate
Market value = $320,000, Assessment rate = 51.5% = 0.515
Assessed value = \( 320000 \times 0.515 = 164800 \)

Step2: Calculate property tax

Tax rate is $50 per $1,000 of assessed value.
First, find how many $1,000 units are in assessed value: \( \frac{164800}{1000} = 164.8 \)
Property tax = \( 164.8 \times 50 = 8240 \)

Answer:

\$8,240 (corresponding to the option: \$8,240)