Real Estate Math
An Arizona property has a market value of $475,000. It is assessed at 10% of market value, and the tax rate is $9.20 per $100 of assessed value. What is the annual property tax?
A$4,370✓ Correct
B$4,750
C$43,700
D$437
Explanation
Assessed value = $475,000 × 10% = $47,500. Tax = ($47,500 ÷ $100) × $9.
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