What is the total tax calculated on a property valued at $3,970,000 with a tax rate of 0.0092?

To find the total tax on a property, you multiply the property value by the tax rate. In this scenario, the property is valued at $3,970,000, and the tax rate is set at 0.0092 (which represents 0.92%).

The calculation would look like this:

Total Tax = Property Value x Tax Rate

Total Tax = $3,970,000 x 0.0092

Total Tax = $36,524

This computation fits into the framework of property taxation, where the value of the property is taken into account to determine the tax revenue needed for local services and infrastructure. The tax rate is essentially a percentage of the assessed value of the property that local governments use to assess what property owners owe.

Thus, the answer of $36,524 accurately reflects the total tax one would owe on a property valued at $3,970,000 with the given tax rate, confirming that option B is correct.