Real Estate Math
A property's market value is $200,000. Annual taxes are $2,400. What is the tax rate as a percentage of market value?
A1%
B1.2%✓ Correct
C1.5%
D2%
Explanation
Tax rate = Annual taxes ÷ Market value = $2,400 ÷ $200,000 = 0.012 = 1.
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