Real Estate Math
A Missouri home sells for $210,000. Property taxes are $3,780 annually. The tax rate per $100 of assessed value is $10.50. What is the assessed value?
A$36,000✓ Correct
B$39,900
C$40,000
D$42,000
Explanation
Annual tax = (Assessed value ÷ 100) × $10.50. $3,780 = AV ÷ 100 × $10.50. AV = ($3,780 ÷ $10.50) × $100 = 360 × $100 = $36,000.
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