The tax rate on the Callahan's house is $2.25 per $100. The market value of their home is $526,000 and the assessed value is 65%. How much tax is due?

Question

Quizplus · Accepted Answer

First, we need to calculate the assessed value of the house by multiplying the market value by the assessment percentage:

Assessed value = $526,000 x 0.65 = $341,900

Next, we need to calculate the amount of tax due by multiplying the assessed value by the tax rate per $100:

Tax due = $341,900 ÷ 100 x $2.25 = $7,692.75

Therefore, the best choice is D.

The Tax Rate on the Callahan's House Is $2