Given a property tax of $2,458.20 and a state property tax rate of 0.082, what is the assessed value of the property?

• A. $30,000
• B. $29,978
• C. $28,500
• D. $32,200

Answer: (B)

To determine the assessed value of the property, you can use the formula for property taxes, which is calculated by multiplying the assessed value by the property tax rate. In this case, you have the property tax amount of $2,458.20 and the property tax rate of 0.082.

Here’s how to calculate the assessed value accurately:

1. The formula for calculating property tax is:

[

\text{Property Tax} = \text{Assessed Value} \times \text{Tax Rate}

]

2. Rearranging the formula to find the assessed value gives you:

[

\text{Assessed Value} = \frac{\text{Property Tax}}{\text{Tax Rate}}

]

3. Substituting the values into the formula:

[

\text{Assessed Value} = \frac{2,458.20}{0.082}

]

4. Performing the calculation:

[

\text{Assessed Value} \approx 30,000

]

Hence, the assessed value of the property should logically lead us to approximately $30,000 when rounded. However, if you calculated the property tax and found