Real Estate Math
A Maryland property's annual property tax is $6,000 and the annual rate is 1.5%. What is the assessed value?
A$300,000
B$400,000✓ Correct
C$450,000
D$600,000
Explanation
Assessed Value = Tax ÷ Rate = $6,000 ÷ 0.015 = $400,000.
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