The given information is:
- The market value of the property is $672,000.
- The assessment rate is 48%
- The property tax rate is $49.12/$1,000 of assessed value
To find the assessed value, we need to apply the following formula:
[tex]Assessed\text{ }value=market\text{ }value\times(\frac{assessment\text{ }rate}{100})[/tex]By replacing the given values we obtain:
[tex]\begin{gathered} Assessed\text{ }value=672,000\times(\frac{48}{100}) \\ Assessed\text{ }value=322,560 \end{gathered}[/tex]Now that we have the assessed value, we multiply it by the property tax rate and we obtain:
[tex]\begin{gathered} Property\text{ }tax=assessed\text{ }value\times property\text{ }tax\text{ }rate \\ Property\text{ }tax=322,560\times\frac{49.12}{1,000} \\ Property\text{ }tax=15,844.15 \end{gathered}[/tex]Jesse's property tax is $15,844.15
