Property Valuation
A Connecticut property's assessed value is $315,000, and the annual property tax bill is $9,450. What is the effective tax rate as a percentage of assessed value?
A2.5%
B3.0%✓ Correct
C3.5%
D4.0%
Explanation
Effective tax rate = Annual tax ÷ Assessed value = $9,450 ÷ $315,000 = 0.03 = 3.
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