Say that you own property with a market price of $74,000. the state tax assessors have given it an assessed value of 48% of that amount. if your state’s property tax rate is 0.031, how much do you owe in property tax, to the nearest dollar?

Okay! So, first you must find what your property is actually worth, so you can find out how much they can tax. It was valued at 48% so you take:

$74,000 x .48 which equals $35,520.

Now you find how much tax you owe. Your states rate is 0.031 or 3.1%, so you take:

$35,520 x 0.031 which equals $1101.12.

If you are on Edgenuity, I believe the answer is A, 1101.

Hope this helps! Have a nice day!