Real Estate Math
A property is assessed at 60% of its market value of $350,000. The tax rate is $15 per $1,000 of assessed value. What is the annual property tax?
A$2,625
B$3,150✓ Correct
C$5,250
D$3,675
Explanation
Assessed value = $350,000 × 60% = $210,000. Tax = ($210,000 ÷ $1,000) × $15 = 210 × $15 = $3,150.
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