Answer: Ivan's monthly tax payment is $194.67.
The property tax rate is usually the property tax rate for an entire year.
We calculate the property tax in dollar terms as follows:
[tex]Property tax in dollars = Assessed value of the property * Property tax rate[/tex]
[tex]Property tax in dollars = 146000 * 0.016 = 2336[/tex]
Since $2336 is the property taxes for a whole year, we calculate monthly taxes as [tex]\frac{2336}{12} = 194.667[/tex]
