Real Estate Math
A property has an assessed value of $180,000. The city tax rate is $12.50 per $1,000 of assessed value, and the county tax rate is $8.75 per $1,000. What is the total annual property tax?
A$1,575
B$2,250
C$3,825✓ Correct
D$4,050
Explanation
City tax: $180,000 ÷ 1,000 × $12.50 = 180 × $12.50 = $2,250. County tax: $180,000 ÷ 1,000 × $8.75 = 180 × $8.75 = $1,575. Total: $2,250 + $1,575 = $3,825.
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