Real Estate Math
An Iowa property has a market value of $310,000 assessed at 100% for commercial use. Levy rate is $42 per $1,000. What is the annual tax bill?
A$13,020✓ Correct
B$31,000
C$4,200
D$7,440
Explanation
Tax = ($310,000 / $1,000) x $42 = 310 x $42 = $13,020. To solve this, multiply the relevant values: $310,000 and $42 at 100%.. The correct answer is $13,020.. This is a common calculation on the Iowa real estate exam.
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