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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?

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Answer:

The correct answer is C - $2,641.00.

Explanation:

adioabiola

The amount which goes to funding schools to the nearest dollar is; $2641

Percentages:

According to the question;

The market value of the home is $144,700 and has an assessment value of 72% of that amount.

  • Therefore, the assessment value is; $144,700 × 0.72 = $104,184

Additionally, the city has a property tax rate of 0.039.

  • Therefore, tax on the property is; $104,184 × 0.039 = $4,063.176

And finally, 65% of your property tax dollars go to public schools.

  • Therefore, the amount which goes to funding schools is; $4,063.176 × 0.65= $2641.0644

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