A home is valued at $103,000 and assessed at 80% with a tax rate of $3.60 per $100. What is the owner's monthly tax amount?

To find the owner's monthly tax amount based on the provided information, we begin by calculating the assessed value of the home. The home is valued at $103,000, and it is assessed at 80% of that value.

First, we calculate the assessed value:

• Assessed Value = Home Value x Assessment Rate

• Assessed Value = $103,000 x 0.80 = $82,400

Next, we need to determine the annual tax liability using the tax rate of $3.60 per $100 of assessed value. To compute this, we first divide the assessed value by 100 and then multiply by the tax rate:

• Annual Tax = (Assessed Value / 100) x Tax Rate

• Annual Tax = ($82,400 / 100) x $3.60 = $2964.00

Now that we have the annual tax amount, we convert it into a monthly tax amount by dividing by 12:

• Monthly Tax = Annual Tax / 12

• Monthly Tax = $2964.00 / 12 = $247.00

Rounding to the nearest cent gives a monthly tax amount of $247.20. Thus, Option A is correct, as it