You know from state law that legal tax rate on your property is 2.4% and the...

You know from state law that legal tax rate on your property is 2.4% and the city's assessed value of your property is $110,000. However, your property is currently on the market for $199,000 due to a recent boom in the housing market?

What is your Effective Tax Rate?

Expert Solution

tax liability = assessed value * legal tax rate

=>$110,000*2.4%

=>$2,640.

effective tax rate = tax liablity / market value *100

=>$2,640 / 199,000*100

=>1.32%.

jeff jeffy answered 2 years ago

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