If the assessed value of a property is $55,000, what is the annual property tax amount?

To calculate the annual property tax amount based on the assessed value, you typically apply the local property tax rate to that value. In California, the general property tax rate is approximately 1% of the assessed value of a property, though there may be additional local taxes or assessments depending on the jurisdiction.

In this scenario, if the assessed value of the property is $55,000, applying the 1% tax rate would result in:

1% of $55,000 = $550.

This calculated amount aligns with the choice indicating $550 as the annual property tax. This method reflects standard practices in property taxation within California, ensuring that the property owner understands how taxation is determined based on assessed property value.

Understanding property taxes is crucial for both real estate professionals and potential home buyers, as it affects overall cost and investment decisions.