If a residence had an appraised value of $338,245 and an assessed rate of 65%, what was the tax rate if the taxes were $3,720.70?

If a residence had an appraised value of $338,245 and an assessed rate of 65%, what was the tax rate if the taxes were $3,720.70?

• A. 0.017
• B. 0.02
• C. 0.01
• D. 0.2

Answer: (A)

To find the tax rate based on the provided information, you'll need to follow the process of calculating the property tax assessment and then determining the tax rate. First, start with the appraised value of the residence, which is $338,245. The assessed rate is given as 65%. To find the assessed value of the property, you multiply the appraised value by the assessed rate: Assessed Value = Appraised Value × Assessed Rate Assessed Value = $338,245 × 0.65 Assessed Value = $219,860.25 Next, the total property tax is provided as $3,720.70. To determine the tax rate, you can use the formula: Tax Rate = Total Taxes / Assessed Value Tax Rate = $3,720.70 / $219,860.25 Calculating this gives you approximately 0.0169. When rounding, this is commonly expressed as 0.017 or 1.7%. The correct answer is therefore reflected in the choice that represents the calculated tax rate accurately. This demonstrates a fundamental understanding of property tax calculations, linking the assessed property value to the tax owed. The result showing a tax rate of approximately 0.017

To find the tax rate based on the provided information, you'll need to follow the process of calculating the property tax assessment and then determining the tax rate.

First, start with the appraised value of the residence, which is $338,245. The assessed rate is given as 65%. To find the assessed value of the property, you multiply the appraised value by the assessed rate:

Assessed Value = Appraised Value × Assessed Rate

Assessed Value = $338,245 × 0.65

Assessed Value = $219,860.25

Next, the total property tax is provided as $3,720.70. To determine the tax rate, you can use the formula:

Tax Rate = Total Taxes / Assessed Value

Tax Rate = $3,720.70 / $219,860.25

Calculating this gives you approximately 0.0169. When rounding, this is commonly expressed as 0.017 or 1.7%.

The correct answer is therefore reflected in the choice that represents the calculated tax rate accurately. This demonstrates a fundamental understanding of property tax calculations, linking the assessed property value to the tax owed. The result showing a tax rate of approximately 0.017