Question

a property is assessed at $250,000, and the local tax rate is 1.5%. what is the annual property tax? $4,000 $3,500 $4,250 $3,750

Explanation:

Step1: Convert tax rate to decimal

$1.5\% = \frac{1.5}{100} = 0.015$

Step2: Calculate annual property tax

$\text{Tax} = \text{Assessed Value} \times \text{Tax Rate} = 250000 \times 0.015$

Answer:

$3,750$