Question

A family buys a house in New Jersey for $304,000. (That’s the median price for the state) The property tax is 2.38%. How much will the property tax cost?

Answer 1

Answer:

$7235.2

Step-by-step explanation:

Given the buying price before adding property tax as $304000 then since property tax accounts for 2.38% of this selling price, it implies that the buyer will part with 102.38% of the given price

The amount of property tax, considering the given selling price which we assume is exclusive of the tax then the tax will be equivalent to $\frac {2.38\%\times\ 304000}{100\%}=\ 7235.2$