Real Estate Math
A Maryland property tax rate is $1.25 per $100 of assessed value. A property assessed at $320,000 pays annual taxes of:
A$3,200
B$4,000✓ Correct
C$4,500
D$5,000
Explanation
Tax = $320,000 ÷ 100 × $1.25 = 3,200 × $1.25 = $4,000. Using the values given ($1.25, $100), apply the appropriate formula.. The correct answer is $4,000.. This is a common calculation on the Maryland real estate exam.
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