What is the product of the tax rate of 0.0092 and the property value of $3,970,000?

What is the product of the tax rate of 0.0092 and the property value of $3,970,000?

• A. $35,000
• B. $36,524
• C. $37,000
• D. $34,749

Answer: (B)

To find the product of the tax rate and the property value, you simply multiply the two numbers together. The tax rate given is 0.0092, which represents 0.92% as a decimal, and the property value is $3,970,000. When you perform the multiplication: 0.0092 * $3,970,000 = $36,524 This means that the amount calculated from multiplying the tax rate by the property value is indeed $36,524, making it the correct choice. Understanding this calculation is crucial in real estate, as it helps in assessing property taxes based on valuations, which is a common task for real estate professionals. It's beneficial to be able to perform such calculations quickly and accurately, as they can have a significant impact on a buyer's or seller's financial planning.

To find the product of the tax rate and the property value, you simply multiply the two numbers together. The tax rate given is 0.0092, which represents 0.92% as a decimal, and the property value is $3,970,000.

When you perform the multiplication:

0.0092 * $3,970,000 = $36,524

This means that the amount calculated from multiplying the tax rate by the property value is indeed $36,524, making it the correct choice.

Understanding this calculation is crucial in real estate, as it helps in assessing property taxes based on valuations, which is a common task for real estate professionals. It's beneficial to be able to perform such calculations quickly and accurately, as they can have a significant impact on a buyer's or seller's financial planning.