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Homeowners enjoy many benefits, including a federal tax deduction for state and local property taxes paid....

Homeowners enjoy many benefits, including a federal tax deduction for state and local property taxes paid. Madison, Wisconsin, earned the #1 spot in Livability.com’s 2015 Top 100 Best Places to Live ranking. With a median home price of $217,500, if the property tax rate is $23.7963 per $1,000, how much does the average homeowner pay in property tax? (Round your final answer to the nearest cent.)

Average homeowner pay in property tax            $

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Answer #1

If the average homeowners pays $23.7963 per $1,000 as tax, then the tax rate is 23.7963/1000 = 0.0237963 = 2.38%

Median home price is $217,500

Therefore, tax paid = 217,500 x 2.38% = $5,175.70

Average homeowner pay in property tax   5,175.70$

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