Real Estate Math
A Kentucky home's assessed value is $168,000 at 100% fair cash value. If the local tax rate is $0.95 per $100 of assessed value, what is the annual property tax?
A$1,596✓ Correct
B$15,960
C$1,428
D$2,100
Explanation
Property tax = Assessed value / 100 x Rate. $168,000 / 100 x $0.95 = $1,680 x 0.95 = $1,596. To solve this, multiply the relevant values: $168,000 and $0.95 at 100%.. The correct answer is $1,596.. This is a common calculation on the Kentucky real estate exam.
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