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) $y = 0.0241 x ; \$ 9,543,568$

Question

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) $y = 0.0241 x ; \$ 9,543,568$

Quizplus · Accepted Answer

The property tax rate can be found by dividing the tax amount by the assessed value: $4,820 / $200,000 = 0.0241. Thus, the model is $y = 0.0241x$. For a house with an assessed value of $230,000, the tax is $0.0241 \times 230,000 = \$5,543$, rounded to four decimal places.

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