You have a home with a market value of $144,700, which has an assessment value of 72% of that amount. your city has a property tax rate of 0.039. you know that 65% of your property tax dollars go to public schools. to the nearest dollar, how much of your taxes went to funding schools?
a. $4,063
b. $3,668
c. $2,641
d. $6,772

Option (c) is correct. $2,641 from the property tax will go to public schools.

Further Explanation:

Property taxes:

Property tax is a local government tax which is imposed on the real estate owned within the jurisdictions. local government charges the property taxes on an annual basis. The rate of the property tax by the local government and the funds collected from the property taxes are the main source of local government's income. Real estate includes the land and budlings.

Calculate the portion of the property tax went to funding schools:

Thus, the portion of taxes allocated to the schools is $2,641.

Working note 1:

Calculate the property tax:

Working note 2:

Calculate the fair value of the house:

Learn more:

1.Learn more about the reveneue from the property taxes

2.Learn more about the calculation of the property taxes

3.Learn more about the tax on the sale of the property

Answer details:

Grade: High School

Subject: Economics

Chapter: Taxation (Direct & Indirect)

Keywords: You have, home, with a, market value, of $144,700,  assessment value, of 72%, of that, amount, your city, has a, property tax, rate, of, 0.039, you, know, that, 65%, of your, property tax, dollars, public, schools, to the, nearest, dollar, how, much of, your, taxes went, funding, schools .

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