A residential property in Washoe County, Nevada has been assigned a taxable value of $320,000 by the county assessor. The combined property tax rate in the district is $3.50 per $100 of assessed value. What is the owner's annual property tax bill?
Correct Answer
A) $4,480
Step 1 — Calculate assessed value: Nevada assesses property at 35% of taxable value (NRS 361.227). $320,000 × 35% = $112,000 assessed value. Step 2 — Apply the tax rate: The rate is $3.50 per $100 of assessed value. $112,000 ÷ $100 × $3.50 = 1,120 × $3.50 = $3,920. Wait — let me recheck: $112,000 / 100 = 1,120 units; 1,120 × $3.50 = $3,920. That gives $3,920. However, option A is $3,920. Let me re-examine: $320,000 × 0.35 = $112,000; $112,000 / 100 × $3.50 = $3,920. The correct answer is A = $3,920.
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