Real Estate Math
Annual property taxes are $4,200 on a home with a market value of $350,000. What is the effective tax rate?
A1.0%
B1.2%✓ Correct
C1.4%
D1.5%
Explanation
Effective tax rate = Annual taxes ÷ Market value = $4,200 ÷ $350,000 = 0.012 = 1.
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