Real Estate Math
A property's market value is $500,000 and it is assessed at 85% of market value. The tax rate is 1.6% of assessed value. What are the annual taxes?
A$6,400
B$6,800✓ Correct
C$7,200
D$8,000
Explanation
Assessed value = 85% × $500,000 = $425,000. Annual taxes = 1.
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