Question

a family is considering purchasing a home valued at $350,000. in city m, the property tax rate is 1.2%, and there is an additional annual real estate tax of $500. in city n, the property tax rate is 1.5%, with no additional real estate tax. what is the total annual tax in each city?
$4,700 in city m and $5,500 in city n
$4,700 in city m and $5,250 in city n
$5,200 in city m and $5,250 in city n
$4,200 in city m and $5,250 in city n

Explanation:

Step1: Calculate City M tax

First, compute the base property tax: $\$350,000 \times 1.2\% = \$350,000 \times 0.012 = \$4,200$.
Add the additional tax: $\$4,200 + \$500 = \$4,700$.

Step2: Calculate City N tax

Compute the property tax: $\$350,000 \times 1.5\% = \$350,000 \times 0.015 = \$5,250$.

Answer:

$4,700 in City M and $5,250 in City N