Real Estate Math
A Mississippi property is assessed at $160,000 and the tax rate is $22.50 per $1,000 of assessed value. What is the annual property tax?
A$2,250
B$3,600✓ Correct
C$3,150
D$4,800
Explanation
Annual tax = ($160,000 ÷ $1,000) × $22.50 = 160 × $22.
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