To determine the annual property taxes for the home, follow these steps:
1. Identify the property tax rate and the market value from the table:
- Property Tax Rate: [tex]\(2.5\% \)[/tex]
- Market Value: [tex]\(\$290,000\)[/tex]
2. Convert the percentage rate to a decimal:
- [tex]\(2.5\%\)[/tex] is equivalent to [tex]\(0.025\)[/tex] in decimal form.
3. Calculate the property tax by multiplying the market value by the tax rate:
[tex]\[
\text{Property Tax} = \text{Market Value} \times \text{Tax Rate}
\][/tex]
Substituting the given values:
[tex]\[
\text{Property Tax} = 290,000 \times 0.025
\][/tex]
4. Perform the multiplication to find the property tax:
[tex]\[
290,000 \times 0.025 = 7,250
\][/tex]
5. Conclusion:
The owner of the home will have to pay [tex]\(\$7,250\)[/tex] in property taxes per year.
