Real Estate Math
A property in Illinois has a market value of $450,000. The assessment level is 33.3%, the equalization factor is 2.0, and the tax rate is 7%. What are the annual property taxes?
A$31,500
B$20,997✓ Correct
C$15,750
D$63,000
Explanation
Step 1: Assessed value = $450,000 × 0.333 = $149,850.
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