5
QuizMultiple Choice

Topic Test

Question 5 • SNHS Financial Math - MA2007

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?

Answer
A
$4,063
B
$3,668
C
$2,641
D
$6,772

Explanation

First find the assessed value: $144,700 × 0.72 = $104,184. The total property tax is $104,184 × 0.039 = $4,063.176, and 65% of that is $4,063.176 × 0.65 = $2,641.06. Rounded to the nearest dollar, $2,641 went to public schools, which is choice C.

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