If your state has a property tax rate of 0.056, and you pay $3,164.45 in property taxes every year, what is the assessed value of your property?

Property tax equals the assessed value multiplied by the tax rate, so divide the yearly tax by the rate: $3,164.45 ÷ 0.056 ≈ $56,508. The assessed value is approximately $56,508, which is choice C.

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