How much will the property tax cost if the taxable value is $470,000 and the tax rate is 1.218%?

To calculate the property tax, you take the taxable value of the property and multiply it by the tax rate. In this case, the taxable value is $470,000 and the tax rate is 1.218%.

First, convert the tax rate from a percentage to a decimal by dividing by 100:

1.218% ÷ 100 = 0.01218.

Next, multiply the taxable value by the decimal tax rate:

$470,000 × 0.01218 = $5,724.60.

This results in a property tax cost of $5,724.60, which matches the correct answer. This calculation process is essential, as it allows property owners to determine their financial obligations regarding property taxes based on the assessed value of their property. The other options provided do not correspond to the correct calculation based on the given values. Understanding how to compute property tax is fundamental for anyone involved in real estate transactions and financial planning related to property ownership.