Real Estate Math
A property is assessed at 40% of market value. The tax rate is 50 mills. The annual tax is $6,000. What is the market value?
A$300,000✓ Correct
B$150,000
C$600,000
D$400,000
Explanation
Assessed value = Tax ÷ Tax rate = $6,000 ÷ 0.050 = $120,000.
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