Property Valuation
A Connecticut property recently sold for $630,000. If the annual property taxes are $9,450, what is the effective tax rate as a percentage of the sale price?
A1.2%
B1.5%✓ Correct
C1.8%
D2.0%
Explanation
Effective tax rate = Annual taxes ÷ Sale price = $9,450 ÷ $630,000 = 0.015 = 1.5%. Using the values given ($630,000, $9,450,), apply the appropriate formula.. The correct answer is 1.5%.. This is a common calculation on the Connecticut real estate exam.
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