Property taxes in a particular district are 2% of the purchase price of a home every year.
Question:
Property taxes in a particular district are 2% of the purchase price of a home every year. If you just purchased a \($150\),000 home, what is the present value of all the future property tax payments? Assume that the house remains worth \($150\),000 forever, property tax rates never change, and a 4% interest rate is used for discounting.
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Given Purchase price of the home PV 150000 Property tax rate r 2 per year Interest r...View the full answer
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Related Book For 
The Economics Of Money Banking And Financial Markets
ISBN: 9781292268859
12th Global Edition
Authors: Frederic S. Mishkin
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