Real Estate Math
A Kentucky property has an assessed value of $180,000. The tax rate is $1.25 per $100 of assessed value. What is the annual property tax?
A$1,800
B$2,000
C$2,250✓ Correct
D$2,500
Explanation
Tax = (Assessed Value ÷ 100) × Tax Rate = ($180,000 ÷ 100) × $1.25 = 1,800 × $1.25 = $2,250. Using the values given ($180,000, $1.25), apply the appropriate formula.. The correct answer is $2,250.. This is a common calculation on the Kentucky real estate exam.
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