Property Tax Is Based on the Assessed Value of a Property.A

question 459

Multiple Choice

Property tax is based on the assessed value of a property.A house that has an assessed value of $200,000 has a property tax of $4,820.Find a mathematical model that gives the amount of property tax y in terms of the assessed value x of the property.Use the model to find the property tax on a house that has an assessed value of $230,000.(Round your answer to four decimal places.)

• A) \(y = 0.0241 x ; \$ 230,000\)
• B) \(y = 0.0241 x ; \$ 5543\)
• C) \(y = 41.4938 x ; \$ 5543\)
• D) \(y = 41.4938 x ; \$ 9,543,568\)
• E) \(y = 0.0241 x ; \$ 9,543,568\)

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Definitions:

Excess

The amount that is more than necessary, needed, or specified; in insurance, it refers to the part of a claim that the insured must pay, which is not covered by the insurer.

Civil Wrong

An action that harms someone else but is not necessarily a criminal act; typically addressed through civil legal proceedings for damages or restitution.

Restatement Third, Torts

A set of principles and guidelines in U.S. tort law, organized by the American Law Institute, intended to clarify, modernize, and otherwise improve tort law.

Economic Harm

Financial or monetary damage suffered by an individual, organization, or economy due to certain actions, events, or policies.