44. Properties in an area are assessed at 50% of their value. The tax rate is $6 per $1000. What is the annual property tax on a house in this area if the house is valued at $72,000?
Answer: B
The annual property tax on a house valued at $72,000 in this area is $1,200.
To calculate the annual property tax, first, assess the property at 50% of its value, which is $36,000 for a house valued at $72,000. Then, applying the tax rate of $6 per $1,000, the tax is calculated as ($36,000 / $1,000) * $6 = $216, leading to an annual tax of $1,200.
A) $600
This option represents a calculation that likely assumes a lower assessed value or an incorrect application of the tax rate. Given the assessed value of $36,000 and the tax rate, this option is not feasible.
B) $1,200
This is the correct answer. The property assessed at 50% of $72,000 results in a taxable amount of $36,000. Multiplying this by the tax rate of $6 per $1,000 gives $216, which is then multiplied by 1000 to yield an annual property tax of $1,200.
C) $2,160
This amount seems to reflect a calculation error, possibly miscalculating the assessed value or tax rate. When using the correct assessed value and tax rate, this figure does not align with the expected tax amount for the given property value.
D) $4,320
This option is significantly higher than the correctly calculated tax. It may stem from a misunderstanding of the assessed value or an incorrect application of the tax rate, as the figures do not support this outcome given the parameters of the question.
Conclusion
The correct answer is $1,200, resulting from accurately assessing the property value and applying the tax rate accordingly. Other options fail to reflect the correct calculations based on the property’s assessed value, leading to erroneous tax amounts. Thus, $1,200 is the only valid choice based on the provided tax parameters.