$14,334.4 is the new property tax be in 2020.
Step-by-step explanation:
In 2019, a house appraised at a value of 87,400. the property tax was $ 10,100. After some remodeling and improvements, the house appraised for $124,000 in 2020. The property tax rate is the same as it was in 2019.
Initially, price of house is $87,400 and tax is $10,100. Let's find tax rate:
Suppose that tax rate is x% , So [tex]\frac{87,400(x)}{100} = 10,100[/tex]
⇒[tex]x = \frac{10,100(100)}{87,400}[/tex]
⇒[tex]x = 11.56%[/tex]
∴Tax rate is 11.56%. Now in year 2020 house new value is $124,000. So,
Amount of property tax will be 11.56% of house value
= [tex]\frac{124,000(11.56)}{100} =[/tex] $ 14,334.4.
∴ $14,334.4 is the new property tax be in 2020.
