A home is valued at $92,000, with property assessed at 70% of its value and a local tax rate of $3.40 per $100. What is the owner's monthly tax amount?

To determine the owner's monthly tax amount, we first need to calculate the assessed value of the property based on its market value. The home is valued at $92,000, and since property is assessed at 70% of its value, we multiply:

Assessed Value = Market Value × Assessment Rate
Assessed Value = $92,000 × 0.70 = $64,400

Next, we need to calculate the annual property tax using the local tax rate of $3.40 per $100 of assessed value. To find the tax rate applicable to the total assessed value, we can set up the calculation as follows:

Annual Property Tax = (Assessed Value / 100) × Tax Rate
Annual Property Tax = ($64,400 / 100) × $3.40
Annual Property Tax = $644 × $3.40 = $2,189.60

Finally, to find the monthly tax amount, we divide the annual property tax by 12:

Monthly Property Tax = Annual Property Tax / 12
Monthly Property Tax = $2,189.60 / 12 = $182.47

Therefore, the calculation confirms that the owner's monthly tax amount is $182.47, which corresponds to