Real Estate Math
A Minnesota property is assessed at 85% of its market value of $320,000. The tax rate is $22 per $1,000 of assessed value. What is the annual property tax?
A$5,984✓ Correct
B$7,040
C$6,160
D$5,500
Explanation
Assessed value = $320,000 × 85% = $272,000. Tax = $272,000 ÷ $1,000 × $22 = 272 × $22 = $5,984.
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