Real Estate Math
Annual property taxes are $3,600 on a home with an assessed value of $180,000. What is the tax rate per $100 of assessed value?
A$1.50
B$2.00✓ Correct
C$2.50
D$3.00
Explanation
Tax rate = Annual taxes ÷ (Assessed value ÷ 100) = $3,600 ÷ ($180,000 ÷ 100) = $3,600 ÷ 1,800 = $2.00 per $100.
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