Real Estate Math
A property's assessed value is $180,000 and the tax rate is $14 per $1,000 of assessed value. What is the annual property tax?
A$2,520✓ Correct
B$2,800
C$1,800
D$3,600
Explanation
Annual tax = ($180,000 ÷ $1,000) × $14 = 180 × $14 = $2,520. Using the values given ($180,000, $14), apply the appropriate formula.. The correct answer is $2,520.. This is a common calculation on the Alabama real estate exam.
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