Real Estate Math (alternative)
A Maryland property is taxed at $1.08 per $100 of assessed value. If the annual tax bill is $3,888, what is the assessed value?
A$300,000
B$272,000
C$360,000✓ Correct
D$400,000
Explanation
Assessed value = (Tax ÷ Rate per $100) × 100 = ($3,888 ÷ $1.08) × 100 = 3,600 × 100 = $360,000.
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