Bob's property has a fair market value of $190,000. It is in a county where properties are assessed at 50% of value, and the tax rate is $55 per $1,000 of assessed value. What's Bob's annual property tax?
A. $2,612.50
B. $5,225.00
C. $7,837.50
D. $10,450.00
Answer: B. $5,225.00
The first step in calculating a tax problem is to find the property's assessed value ($190,000 x .5 = $95,000). Divide the assessed value by $1,000 to find the number of increments ($95,000 / $1,000 = 95) and then multiply by the tax rate to find the annual tax bill (95 x $55 = $5,225).
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