Real Estate Math
A Nebraska home has a market value of $275,000 and is assessed at 90% for property tax purposes. The tax rate is 2.1%. Annual taxes are:
A$5,197.50✓ Correct
B$5,775.00
C$4,620.00
D$6,152.50
Explanation
Assessed value = $275,000 × 0.90 = $247,500. Annual tax = $247,500 × 2.1% = $5,197.50. To solve this, multiply the relevant values: $275,000 at 90%.. The correct answer is $5,197.50.. This is a common calculation on the Nebraska real estate exam.
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