Real Estate Math
A property in Gary, Indiana assessed at $75,000 is subject to a 3.0% property tax rate (commercial cap). What are the annual property taxes?
A$1,500
B$2,000
C$2,250✓ Correct
D$2,500
Explanation
Property tax = $75,000 × 0.03 = $2,250. To solve this, multiply the relevant values: $75,000 at 3.0%.. The correct answer is $2,250.. This is a common calculation on the Indiana real estate exam.
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