Real Estate Math
A Massachusetts property owner receives an annual property tax bill of $9,500. The local tax rate is $12.50 per $1,000. What is the assessed value?
A$750,000
B$760,000✓ Correct
C$780,000
D$800,000
Explanation
Assessed value = Annual tax / (tax rate / $1,000) = $9,500 / ($12.50 / $1,000) = $9,500 / 0.
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