### 5.3 Property Tax

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• Math Help

It should be noted that in the formula

from page 224, the market value used is the one determined by the assessor not the appraiser.

In Example 1, the property tax was calculated by multiplying the tax rate, the assessment level, and the market value. In Example 3, the assessed value is given. So, the property tax is calculated by multiplying the tax rate and the assessed value.

To change the tax rate in Example 3 to decimal form, divide by 1000, as shown.

• Consumer Suggestion

Is your property tax bill too high? Visit Kiplinger for steps to lower your property tax bill.

• Checkpoint Solution

Your monthly home insurance bill is

Your monthly property tax bill is

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