To determine how much money the owner of the home will have to pay in property taxes per year, follow these steps:
1. Identify the given values:
- Property Tax Rate: [tex]\(1.5\% = 0.015\)[/tex]
- Market Value of the property: [tex]\(\$250,000\)[/tex]
2. Use the formula to calculate the property tax:
[tex]\[
\text{Property Tax} = \text{Property Tax Rate} \times \text{Market Value}
\][/tex]
3. Substitute the given values into the formula:
[tex]\[
\text{Property Tax} = 0.015 \times 250,000
\][/tex]
4. Perform the multiplication to find the property tax:
[tex]\[
\text{Property Tax} = 3750.0
\][/tex]
Therefore, the owner of the home will have to pay \$3,750.0 in property taxes per year.
