Real Estate Math
A Delaware property in a tax sale is bid in for $85,000. The owner had owed $6,200 in back taxes plus $1,800 in penalties and fees. What is the excess proceeds available to the former owner?
A$77,000✓ Correct
B$78,800
C$85,000
D$79,000
Explanation
Total tax debt = $6,200 + $1,800 = $8,000. Excess proceeds = $85,000 − $8,000 = $77,000 (available to the former owner after all creditors are satisfied in order of priority).
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