Real Estate Math
A Kentucky property is assessed at $220,000. The annual property taxes are $2,860. What is the tax rate per $100 of assessed value?
A$0.98
B$1.15
C$1.30✓ Correct
D$1.50
Explanation
Tax rate = (Annual Tax ÷ Assessed Value) × $100 = ($2,860 ÷ $220,000) × $100 = $1.30 per $100. Using the values given ($220,000, $2,860), apply the appropriate formula.. The correct answer is $1.30.. This is a common calculation on the Kentucky real estate exam.
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