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Question:

The local and state property taxes on a particular property amount to 1.2% of the tax assessment value of the property. The tax rolls indicate a current value of $385,000. What is the first half of the current year’s tax bill?

A $2,310.
Explaination

Annual property taxes are calculated as a percentage of the assessed value and are paid in two installments. Begin by calculating the total annual tax on a property valued at $385,000.
$385,000 x 0.012 = $4,620
Note the question asked only for the first installment, not the annual total.
$4,620 / 2 = $2,310