Real Estate Math
An Arizona property's market value is $420,000. Arizona residential property is assessed at 10% of full cash value. If the tax rate is 1.3%, what are the annual property taxes?
A$5,460
B$546✓ Correct
C$4,200
D$1,300
Explanation
Assessed value = $420,000 × 10% = $42,000. Annual taxes = $42,000 × 1.
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