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Lorena and Julio purchased a home for $205,950. Their loan amount was $164,760, and the assessed value is now $201,500. Their tax rate is 0.63%. How much will their monthly taxes be?

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Answer: $105.788

Explanation: property tax amount is calculated by multiplying the assessed value by the tax rate.

Tax rate =0.63% = 0.0063

Assessed value = $201,500

Property tax = tax rate * assessed value

Property tax = $201,500 * 0.0063

Property tax = $1269.45

Property tax is calculated on a yearly basis. Therefore,

Monthly tax=$1269.45÷12=$105.79

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