Real Estate Math
A Delaware property's assessed value is $195,000 and the annual property tax bill is $3,510. What is the effective tax rate as a percentage of assessed value?
A1.8%✓ Correct
B1.5%
C2.0%
D1.2%
Explanation
Tax Rate = Annual Tax ÷ Assessed Value × 100 = $3,510 ÷ $195,000 × 100 = 1.8%. Using the values given ($195,000, $3,510), apply the appropriate formula.. The correct answer is 1.8%.. This is a common calculation on the Delaware real estate exam.
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