Real Estate Math
A property has an assessed value of $180,000. The tax rate is $2.50 per $100 of assessed value. What is the annual property tax?
A$2,250
B$4,500✓ Correct
C$3,600
D$1,800
Explanation
Tax = ($180,000 ÷ 100) × $2.50 = 1,800 × $2.50 = $4,500. Using the values given ($180,000, $2.50), apply the appropriate formula.. The correct answer is $4,500.. This is a common calculation on the Indiana real estate exam.
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