To determine the property taxes that the owner of the home will have to pay per year, follow these steps:
1. Identify the property tax rate: From the given table, the property tax rate is 1.5%.
2. Identify the market value of the property: According to the table, the market value of the property is [tex]$250,000.
3. Convert the property tax rate to a decimal: Since percentage means per hundred, convert 1.5% to its decimal form by dividing by 100.
\[
1.5\% = \frac{1.5}{100} = 0.015
\]
4. Calculate the property tax: Multiply the market value of the property by the decimal form of the property tax rate.
\[
\text{Property Tax} = \text{Market Value} \times \text{Tax Rate}
\]
\[
\text{Property Tax} = \$[/tex]250,000 \times 0.015
\]
[tex]\[
\text{Property Tax} = \$3,750.00
\][/tex]
Therefore, the owner of the home will have to pay $3,750.00 in property taxes per year.
