Asked by Leanne Mallare on Apr 27, 2024
Verified
Mr. LeClair and Ms. Bartoli own adjacent hobby farms. They have just received their property tax bills for the current year. Mr. LeClair's property tax is $1,935 on a residence assessed at $200,000 and land with farm buildings assessed at $150,000. Ms. Bartoli's tax is $1,887 on her residence assessed at $175,000 and land with farm buildings assessed at $190,000. The regional government applies one tax rate to residences, and a lower tax rate to land with farm buildings. What are these property tax rates (expressed in percent to the nearest 0.01%)?
Property Tax Rates
The rate at which property in a particular area is taxed.
Hobby Farms
Small-scale farms operated more for leisure and enjoyment than for profit, often focusing on the cultivation of food for the family or specialty crops.
- Apply percentage calculations to assess financial changes, including increases, decreases, and interest rates.
Verified Answer
ZK
Learning Objectives
- Apply percentage calculations to assess financial changes, including increases, decreases, and interest rates.