Real Estate Math
A property is assessed at 80% of its $320,000 market value. The tax rate is $2.50 per $100 of assessed value. What are the annual property taxes?
A$4,000
B$6,400✓ Correct
C$8,000
D$10,000
Explanation
Assessed value = 80% × $320,000 = $256,000. Tax = ($256,000 ÷ $100) × $2.50 = 2,560 × $2.50 = $6,400.
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