Real Estate Math
A property is assessed at 20% of its market value of $300,000. The tax rate is 80 mills. What are the annual taxes?
A$3,800
B$4,800✓ Correct
C$5,200
D$6,000
Explanation
Assessed value = $300,000 × 0.20 = $60,000. Annual taxes = $60,000 × (80 ÷ 1,000) = $60,000 × 0.08 = $4,800.
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