A property has a market value of $195,000 as is assessed at 50% of its market value. The tax rate is $52 per $1000 of the assessed rate. What is the real estate tax of this property?

The real estate tax is the amount of taxes a property owner would have to pay to the tax authority based on the market value of the property because it is expected that property is an income-generating asset because it could be leased out to tenants who would in turn make rent payments to the owner.

In the case, we need to know that the assessed value, which is the basis upon which the real estate tax would be computed, which is 50% of the property's market value of $195,000 in this case.

assessed value=market value*50%

market value=$195,000

assessed value=$195,000*50%

assessed value=$97,500

Also, for every $1,000 of the assessed value the property owner pays $52 in taxes, which means that the tax rate is computed thus:

tax rate=$52/$1000

tax rate=5.20%

real estate tax of this property=assessed value*tax rate

real estate tax of this property=$97,500*5.20%

real estate tax of this property=$5,070

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