To determine how much money the owner of a home will have to pay in property taxes per year, follow these steps:
1. Understand the given information:
- Property tax rate: 0.7%
- Purchase price of the home: [tex]$190,000
2. Convert the property tax rate from a percentage to a decimal:
- Property tax rate as a decimal: 0.007 (since 0.7% equals 0.007)
3. Calculate the yearly property tax:
- Property tax = Property tax rate * Purchase price
- Property tax = 0.007 * $[/tex]190,000
4. Perform the multiplication to find the property tax:
- Property tax = [tex]$1,330.00
So, the owner of the home will have to pay $[/tex]1,330.00 in property taxes per year.
