Real Estate Math
A property is assessed at 80% of its market value of $300,000. The property tax rate is $12 per $1,000 of assessed value. What is the annual property tax?
A$2,400
B$2,880✓ Correct
C$3,600
D$4,320
Explanation
Step 1: Assessed value = $300,000 × 80% = $240,000. Step 2: Tax = ($240,000 ÷ $1,000) × $12 = 240 × $12 = $2,880.
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