Real Estate Math
A property is assessed at 25% of market value. The market value is $320,000. The tax rate is 40 mills. What are the annual taxes?
A$2,800
B$3,200✓ Correct
C$12,800
D$4,800
Explanation
Assessed value = $320,000 × 25% = $80,000. Annual taxes = $80,000 × 0.
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