Ian pay $10,890 in property tax every year if the assessed value of 55% of that amount and his state has a property tax rate of 0.088 option (c) is correct.
It is defined as the amount paid by the owner of the property such as land, buildings etc.
We have:
Lan's house and land have a market = $225,000
Assessed value = 55% ⇒ 0.55
Property tax rate = 0.088
We know the formula for property tax is given by:
Property tax = tax rate×assessed value×market value
Put the values in the above formula, we get:
Property tax = 0.088×0.55×225000
= $10,890
Thus, Ian pay $10,890 in property tax every year if the assessed value of 55% of that amount and his state has a property tax rate of 0.088.
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