7. The market value of Christine and Gene's home is $275,000. The assessedvalue is $230,000. The annual property tax rate is $17.50 per $1,000 ofassessed value.a. What is the property tax on their home?b. How much do they pay monthly toward property taxes? Round youranswer to the nearest cent.

Property taxes is the amount of taxes that is to be paid on value of property.

7. The market value of Christine and Gene's home is $275,000. The assessed value is $230,000. The annual property tax rate is $17.50 per S1,000 of assessed value. a. What is the property tax on their home? b. How much do they pay monthly toward property taxes? Round your answer to the nearest cent.

7. The market value of Christine and Gene's home is $275,000. The assessed value is $230,000. The annual property tax rate is $17.50 per S1,000 of assessed value. a. What is the property tax on their home? b. How much do they pay monthly toward property taxes? Round your answer to the nearest cent.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter4: Income Exclusions

Section: Chapter Questions

Problem 72IIP

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Concept explainers

Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.

Question

7. The market value of Christine and Gene's home is $275,000. The assessed
value is $230,000. The annual property tax rate is $17.50 per $1,000 of
assessed value.
a. What is the property tax on their home?
b. How much do they pay monthly toward property taxes? Round your
answer to the nearest cent.

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