Real Estate Math
A property is assessed at 80% of its market value of $350,000. Property taxes are 1.4% of assessed value. What are the annual taxes?
A$3,270
B$3,920✓ Correct
C$4,410
D$4,900
Explanation
Assessed value = 80% × $350,000 = $280,000. Annual taxes = 1.4% × $280,000 = $3,920. To solve this, multiply the relevant values: $350,000 at 80%.. The correct answer is $3,920.. This is a common calculation on the Idaho real estate exam.
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